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Vicarious Visions purchased Intrinsic Alchemy from Intrinsic Graphics, Inc. in 2003 and integrated it into their own production tools to create Vicarious Visions Alchemy (sometimes just called Alchemy).

Alchemy is a multi-platform middleware technology and engine originally created to make developing games for simultaneous release on the PlayStation 2, Xbox, and GameCube, as well as Windows, Linux, and Mac OS. It has since been updated and enhanced to include support for handhelds (Nintendo DS and PSP) as well as more recent systems (PlayStation 3, Xbox 360, and Wii).

Alchemy was cited as a key factor in Vicarious Visions' acquisition by Activision in 2005.