San Francisco-based blockchain firm ‘Alchemy’ declared the launch of its public application programming interface (API) after having raised $15 million in its Series A funding round.

According to a press release published by Alchemy on Dec. 17, Alchemy’s platform enables businesses to develop blockchain-based applications.

Pantera Capital reportedly commenced the $15 million funding round. Later it saw participation from the Stanford University, tech giant Samsung, Alphabet chairman John Hennessy, LinkedIn founder Reid Hoffman, Yahoo founder Jerry Yang. The company plans to utilize the funds to expand into foreign markets.

The firm was founded by Stanford classmates Joe Lau and Nikil Viswanathan along with a team of industry veterans from Microsoft, Facebook, Google, MIT, Stanford, and entrepreneurs. 

The firm declares that its offering is more performant, scalable, and reliable than existing options and is followed by dedicated developer tools. Moreover, Alchemy claims that developing on its platform is quick and inexpensive. Viswanathan revealed that he and Lau believe developer infrastructure is the key to driving mainstream adoption of new technologies. Lau also said:

“We realized blockchain technology would develop in the same way, so we’re working to enable mainstream adoption by providing the industry with the high-quality infrastructure and developer tools that it needs.”

Hennessy pointed out that he gained expertise during his work at Google, about how the early internet, which is often associated with the current blockchain, matured. He then reflected on Alchemy’s initiative:

“What Alchemy is doing in blockchain has the potential to be similarly transformational, and Nikil and Joe have a deep technical background and proven entrepreneurial track record of making it happen.”

As the blockchain industry matures, more effort is put to simplify the development of applications based on this technology. Earlier this week, multinational IT services giant Tata Consultancy Services launched a blockchain app development kit that the firm claims expedites smart contract development by 40%.