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Blockchain analytics platform Elementus has raised $3.5M in a seed round led by Morgan Creek Digital.
The latest round also saw participation from Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments; Stage 1 Ventures; Robot Ventures, and angel investors.
Founded in 2017, New York-based Elementus aims to bring more transparency into the blockchain ecosystem. Its technology offers actionable insights directly from blockchain activity, identifying security vulnerabilities, exposing bad actors, and providing market intelligence for making informed investments in digital assets. The platform supports Bitcoin and Ethereum (including stablecoins).
The latest fundraise follows a $750k raise last July 2018 from Cherokee Acquisition, Maven 11 and other participants. The company said that the backing from prominent financial firms validates Elementus as “the institutional-grade analytics platform needed to support the wave of institutions entering the cryptoasset industry.”
"The demand for the same level of excellence as in the financial industry with respect to compliance and investment decision-making is at its peak. We are committed to bringing that same quality to our customers, enabling them to thrive and support the mainstream adoption of cryptoassets," said Max Galka, CEO of Elementus.
In addition, Elementus announced that Charles V. Senatore, Senior Advisor at Devonshire Investors, who formerly led global compliance functions for Fidelity Investments and Merrill Lynch, is joining the board of advisors, and Anthony Pompliano, co-founder and partner at Morgan Creek Digital, is joining the Board of Directors at Elementus.
"...similar to how Google's web crawler and index methodology disrupted the existing search engine marketplace in the late 1990's, Elementus' blockchain index methodology stands to disrupt the current market," said Pompliano.
With cryptocurrencies increasingly gaining mainstream adoption, crypto and blockchain analytics has become a hot new area. Startups engaged in this area including Elliptic, Coin Metrics, Chainalysis, CipherTrace, and Flipside Crypto have attracted millions of dollars in funding.
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