Blockchain Startup Raises $15M From Stanford And LinkedIn, Yahoo Co-Founders

Alchemy, a San Fransisco-based startup providing blockchain infrastructure to enterprises, has raised $15 million in seed and Series A funding, it announced on Tuesday.

The lead investors in the startup included Stanford University, Coinbase, Samsung Electronics Co Ltd (OTC: SSNLF), Pantera Capital and Mayfield Fund, Alchemy said.

LinkedIn co-founder Reid Hoffman, Alphabet Inc. (NASDAQ: GOOGL) chairman John Hennessy, Thomson Reuters Corporation's (NYSE: TRI) former CEO Tom Glocer, and Charles Schwab Corporation's (NYSE: SCHW) founder Charles Schwab, invested in their individual capacities.

Alchemy's co-founders Nikil Viswanathan and Joe Lau are both Stanford graduates; the university has invested an undisclosed amount in their startup as part of the Series A funding.

The startup, founded in 2017, already has some prominent cryptocurrency companies as its clients, including CryptoKitties, Augur, Kyber Network, and Opera Ltd (NASDAQ: OPRA).

"Right now people are trying to build skyscrapers with picks and shovels. We need to give them construction equipment," Viswanathan told TechCrunch's Josh Constine. "None of this exists for blockchain."

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