Stanford University joined StartX to back Alchemy, a blockchain protocol company founded by two of its alumni.
US-based blockchain infrastructure technology developer Alchemy emerged from stealth yesterday with $15m in series A funding from investors including Stanford University and its StartX accelerator program.
The round was led by investment firm Pantera Capital and also included digital currency exchange operator Coinbase and consumer electronics producer Samsung, in addition to SignalFire, Mayfield, Kenetic, Dreamers and assorted angel investors.
Founded in 2017, Alchemy has launched a development protocol that enables enterprises to build blockchain-powered software applications for a range of use-cases, including finance, healthcare, gaming and entertainment.
The protocol is pitched as facilitating accelerated and empowered delivery of the blockchain while also helping to reduce costs. Alchemy will spend the money on pursuing international expansion.
John Hennessy, chairman of Alphabet and one of the angel investors involved in the latest round, said: “I have been closely involved in companies that shaped the earlier internet like Google.
“What Alchemy is doing in blockchain has the potential to be similarly transformational, and [its founders] have the deep technical background and proven entrepreneurial track record to make it happen.”
