Elementus, a blockchain intelligence platform aimed at helping financial institutions and crypto exchanges, has raised $10m in its Series A-1 round.
Crypto-native investment firm ParaFi Capital served as the lead investor.
The blockchain intelligence has earmarked the fresh funds for hiring and new product development.
Elementus had a strong 2022. Some of its highlights include more than tripling its valuation from $52m to $160m and doubling the size of its team.
It was also selected by the Official Committee of Unsecured Creditors of Celsius Network and of BlockFi as blockchain intelligence and forensics expert in two of the most high-profile crypto bankruptcies, it said.
Elementus’ blockchain intelligence platform covers three core areas, data intelligence, crypto investigations, and digital asset risk and compliance.
For data intelligence, users can visualise insights from unstructured data across the entire blockchain and extract actionable market intelligence to reduce operational risk, maintain compliance and create business value.
The crypto investigations tool offers easy to understand dashboards to show where money comes from, where it goes and who it is attributed to. Finally, its digital asset risk and compliance technology supports firms with their AML and KYC processes.
Its technology is also used by US governmental agencies to solve ransomware investigations. Its technology can probe on-chain activities, identify risk and discover valuable market intelligence, it said.
ParaFi Capital principal Ryan Navi said, “Despite recent headwinds in the industry, we continue to see unparalleled innovation within the blockchain space—and we’re only scratching the surface of the transformational impact this technology will have on legacy business models and the global economy.
“We believe there are significant value-creation opportunities at the data and infrastructure layer of blockchain, where platforms will not only make blockchain data more accessible and transparent but also drive new insights and revenue opportunities for customers.”
Elementus CEO Max Galka also highlighted the importance of greater transparency within blockchain. He stated that following the tough year crypto has faced, it will be vital for firms in the space to focus on upping auditability and transparency.
He added, “This new strategic investment from ParaFi allows us to continue building the world’s most advanced industrial-grade blockchain data solutions in the world that will help return confidence and transparency to blockchain-based businesses.”
With the close of the round, the FinTech company has raised a total of $27m. Most recently, it secured a $12m investment in 2021.
In other blockchain news, the UK government recently unveiled proposals to put cryptoassets into the same regulatory regime as traditional financial services.
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