Alchemy, the infrastructure provider for much of the non-fungible token market, has raised $200 million, giving the firm a $10.2 billion valuation.

The San Francisco-based startup is less than two years old and was valued in early 2021 at $505 million. In October, when it raised $250 million, the firm didn’t need the money but found investor demand for equity so strong that it wasn’t able to resist new capital. That gave it a value of $3.5 billion, which it has almost tripled in four months. Its growth stats may be why. Since October Alchemy has more than tripled the number of developer teams using its platform to build NFT projects, it said in a statement today.

Co-founders Nikil Viswanathan and Joe Lau built the firm to provide the necessary architecture and coding to support the growing NFT space. Like a merchant offering the picks and shovels or Levi’s jeans to gold miners, the approach has seen them capture the vast majority of digitally scarce projects with over $105 billion in transactions taking place atop Alchemy’s technology. That’s up from $45 billion in October. It’s also helping to keep more money in artists’ pockets.

In the last year, NFT markets that use Alchemy’s tech have returned more than $1.5 billion in royalties to artist, with about $1 billion of that occurring in the last three months, the company said. That’s possible because NFTs can be programmed to provide a royalty to a painter or musician every time their digital work is sold, rather than an artist receiving payment once when a work is originally purchased.

Read More: Alchemy Raises Cash to Value the Blockchain Startup at $3.5 Billion

“We’re not here for the next year or two, we’re set up to help the ecosystem thrive in the long term,” Lau said in an interview. “That’s the rationale in deciding to accept some of this investment.” As with the money raised in October, this round will go toward expanding Alchemy’s Web3 University for educational purposes, to grow Alchemy Ventures that helps fund new web3 startups and to keep offering a part of their services for free to developers who aren’t able to pay for them.

The capital raise was led by Lightspeed, an existing Alchemy investor, with participation from new backer Silver Lake, Alchemy said in the statement.