Elementus, a New York-based blockchain company, has raised $10 million as part of its Series A-2 funding round, led by Web3 venture capital firm Parafi Capital. The raise, which values the company at $160 million, is intended to allow Elementus to continue to improve its processes to provide effective and robust blockchain analytics to Web3 businesses and government institutions.
Blockchain Analytics Firm Elementus Raises $10 Million in a 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 firm that aims to disrupt the market by bringing Google-like granular analytics to Web3 platforms, has increase $10 million as part of its Series A-2 funding round, led by Parafi Capital, a crypto VC firm, and with participation from Moonshots Capital, Spitfire Ventures, and Colaco Investment Group.
With this investment, Elementus achieves a valuation of $160 million, considerable growth from October 2021, when the company raised $12 million at a valuation of $52 million. That funding round, led by Velvet Sea Ventures, included the participation of Alameda Research and Blockfi, two firms that are now in bankruptcy proceedings.
Funds raised will be used to continue building the infrastructure needed to make blockchain analytics more accessible to Web3 institutions, through contracting processes and new product development.
Importance of Blockchain Analytics
Events that have occurred in the past year, including the crash of FTX, the cryptocurrency exchange, and the rise of Web3 hacks, have highlighted the usefulness of effective blockchain monitoring systems. Max Galka, CEO of Elementus, believes that systems like the ones the company provides can help institutions start to rebuild trust again in blockchain companies. In a press release, Galka stated:
Last year highlighted the tremendous importance of the understanding, audibility and transparency of blockchains. As the broader crypto industry looks to emerge from a difficult year, it will be critical to do so in a way that fosters trust, reliability, and security among users and businesses operating in this still-fledgling market.
The company has been selected to act as part of two high-profile crypto legal 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 last year.
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