Alchemy

Alchemy builds infrastructure for developers who build on blockchains. Its products include node RPC APIs, data and token APIs, real-time webhooks, gasless transaction tooling and wallet infrastructure across more than 100 blockchains. Customers it names include Visa, Circle, Stripe, Robinhood, Polymarket, Uniswap, OpenSea and Chainlink. The company was founded in 2017 by Nikil Viswanathan, its CEO, and Joe Lau, its president, and is incorporated as Alchemy Insights, Inc. with headquarters in San Francisco, California.

SEC Form D filings show four equity offerings. In April 2019 the company reported $18.9 million sold. In April 2021 it reported $75.6 million sold. On October 28, 2021, the date Andreessen Horowitz published its announcement of an investment in Alchemy, the company filed a Form D reporting $64.7 million sold of a $70 million offering, and Lightspeed Venture Partners lists its own investment as part of a 2021 Series C. A January 2022 offering of up to $350 million reported $192.8 million sold at the time of filing, in a financing that valued the company at $10.2 billion. Alchemy's own list of backers includes Pantera Capital, Coatue, Andreessen Horowitz, Redpoint, Lightspeed, Mayfield, SignalFire, Communitas Capital, Dreamers VC, Samsung, Addition, DFJ Growth and Kenetic, as well as individuals including Balaji Srinivasan, Jerry Yang, Reid Hoffman, Peter Thiel and Naval Ravikant.

Alchemy remains private and independent. When Andreessen Horowitz invested in October 2021, it said Alchemy powered more than $45 billion a year in web3 transactions for tens of millions of users, with customers such as Aave, Axie Infinity, Dapper Labs, Flow and OpenSea. The company now says it supports more than $1 trillion in transactions each year and more than 100 million people using crypto through its platform. No funding round after January 2022 appears in its SEC filings.

Alchemy shows how quickly crypto infrastructure was repriced during the 2021 cycle. The Form D record shows the company raising about $19 million in 2019 and then roughly $330 million across three offerings in under a year, ending at a $10.2 billion valuation in early 2022. Seed and early backers such as Pantera Capital and Redpoint entered before that run, while growth investors came in at the top of the market. With no IPO or sale since, the value of the 2022 marks depends on whether infrastructure revenue grows into them as stablecoin and payments volume moves onchain.