The round was led by Andreessen Horowitz and Bio + Health with participation from Earvin 'Magic' Johnson, Sandberg Bernthal Venture Partners, Banc of California and existing investors Twine Ventures, Springbank and AlleyCorp. Alchemy provides the entire physical, clinical, and digital infrastructure needed to build, operate and grow in-house pharmacy programs with a focus on serving clinics with large HIV and Hepatitis C (HCV) patient populations.

Alchemy is on a mission to serve safety net clinics and their patients, starting with in-house pharmacies for Federally Qualified Health Centers (FQHCs), STD and Ryan White clinics. After setting up an in-house pharmacy, Alchemy designs and implements clinical pharmacy programs and deploys technology products that leverage the pharmacy to expand patient reach, improve health outcomes, and increase the financial impact of a clinic's pharmacy program.