• Loading stock data...
Sunday, April 14, 2024
  • -
  • -
  • -
  • -

Tech Company Powering Top NFTs Hits $3.5B Valuation

  • Alchemy, which creates technology for building apps on blockchains such as Ethereum, raised $250 million at a $3.5 billion valuation.
  • The round was led by Andreesen Horowitz.
Alchemy/Design: Alex Brooks

The company that created software tools underlying NBA Top Shot and other forces driving the NFT movement saw its revenue grow “15 times in the last six months.”

Alchemy, which creates technology to help developers build applications on Ethereum and other blockchains, raised $250 million in a Series C round led by Andreessen Horowitz. The San Francisco-based company is now valued at $3.5 billion.

Lightspeed Venture Partners and Redpoint joined the round, as did existing investors Coatue, Addition, DFJ, and Pantera.

Alchemy provides technological infrastructure underlying companies such as Top Shot creator Dapper Labs, leading NFT marketplace OpenSea, and NFT-based video game “Axie Infinity.”

  • The company raised $80 million in its Series B round in April at a valuation of roughly half a billion dollars.
  • The company is profitable, according to co-founder and CEO Nikil Viswanathan.

Co-founder and chief technology officer Joe Lau said that Alchemy has not spent any of the $80 million it raised in April. 

“We didn’t need the money, but we saw the value in bringing on great partners such as Andreessen, which has an incredible team with deep technical expertise in the blockchain space,” said Lau.

Alchemy is now partnering with Adobe to incorporate the ability to create NFTs into its Photoshop software.

Copy Link
Link Copied
Link Copied

What to Read

A’s Reach Deal to Leave Oakland for Sacramento After This Year

The A’s will play in a minor league park starting in 2025.

Ongoing NFL Network Cuts Hit On-Air Talent

The network also made cuts around the ‘Good Morning Football’ move to L.A.

LeBron James Explains Why Women’s March Madness Has More ‘Star Power’

James said Angel Reese and Caitlin Clark give women’s game ‘icons.’

Featured Today

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.
Mar 31, 2024; Portland, OR, USA; NCAA officials measure the three point line while coaches from the Texas Longhorns and NC State Wolfpack watch with referees in the finals of the Portland Regional of the NCAA Tournament at the Moda Center center.
April 1, 2024

NCAA Has No One to Blame for Latest Women’s March Madness Transgressions

NCAA is still making avoidable mistakes three years after a complete overhaul.
Nov 16, 2015; Bloomington, IN, USA; General view of the championship banners at Assembly Hall prior to the game between Austin Peay and Indiana.
March 31, 2024

How to Make It in Basketball: Become a Manager at Indiana

Inside the Hoosiers’ unglamorous, profoundly rewarding incubator for basketball’s biggest names.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple - USA Careers
Multiple - USA Careers
Dunham's Sports
Multiple - USA Careers

Salt Lake City About to Land NHL’s Coyotes (Minus Their Name)

Salt Lake City’s NHL franchise will have a new name.
April 10, 2024

WNBA Has New Commercial Partner: Over-the-Counter Birth Control

WNBA teams up with FDA-approved over-the-counter birth control.
Ken Goldin
April 10, 2024

Goldin Auctions Acquisition by eBay Sparks Showdown With Fanatics

The online giant acquires the prominent high-end sports memorabilia auction house.

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 8, 2024

WNBA Commish Wants New Media-Rights Deal to Double Old One

The media-rights deal expires in 2025 to coincide with the Caitlin Clark effect.
April 4, 2024

WTA Finals Latest Sporting Event To Take Saudi Millions

Players can still wear normal attire, WTA says.
April 4, 2024

Taking a Toll: NYC Marathon Bridge Dispute Spotlights Debate Over Public Support for Sports

A local transportation authority demands money from organizers of the TCS New York City Marathon.
April 3, 2024

ATP-WTA Merger Talks Stalling Potential Tennis Expansion in U.S.

Saudi money could bring the tours together with a $2 billion bid.