Elementus, a New York-based blockchain company, raised $10 million in its Series A-2 funding round, led by Web3 VC firm Parafi Capital. The raise, which values the company at $160 million, is intended to enable Elementus to continue improving its processes to deliver efficient and robust blockchain analytics to Web3 companies and government institutions.
Blockchain Analytics Company Elementus Raises $10M in Tepid Market
Blockchain companies that focus on providing tools to examine the Web3 landscape have managed to survive and even thrive during the current market downturn. Elementus, a New York-based blockchain company that aims to disrupt the market by bringing Google-like granular analytics to Web3 platforms, has raised $10 million in its Series A-2 funding round, led by crypto-VC firm Parafi Capital, and with participation from Moonshots Capital, Spitfire Ventures and Colaco Investment Group.
With this investment, Elementus reaches a valuation of $160 million, considerable growth since October 2021, when the company raised $12 million for a valuation of $52 million. This funding round, led by Velvet Sea Ventures, benefited from the participation of Alameda Research and Blockfi, two companies that are now embroiled in bankruptcy proceedings.
Funds raised will be used to continue building the infrastructure needed to make blockchain analytics more accessible to Web3 institutions, through hiring processes and new product development.
Importance of Blockchain Analytics
Events over the past year, including the fall of FTX, the cryptocurrency exchange, and the rise of Web3 hacks, have shed light on the utility of effective blockchain surveillance systems. Max Galka, CEO of Elementus, believes that systems like those provided by the company can work together to get institutions back to rebuilding trust in blockchain companies. In a press release, Galka said:
Last year brought to light the enormous importance of understanding, audibility and transparency of blockchains. As the wider crypto industry seeks to emerge from a difficult year, it will be essential to do so in a way that promotes trust, reliability and security among users and businesses operating in this market. still nascent.
The company has been selected to act in two high-profile crypto court cases. Elementus’ services are currently being used by unsecured creditors to perform forensic audits related to Celsius and Blockfi, two cryptocurrency lenders that filed for bankruptcy protection last year.
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