Elementus, a New York-based blockchain firm, has raised $10 million as part of its Series A-2 funding round led by Web3 VC firm Parafi Capital. The increase, which values the company at $160 million, is intended to allow Elementus to improve its processes to provide effective and robust blockchain analytics to web3 companies and government institutions.
Blockchain analytics firm Elementus raises $10M in lukewarm market share
Blockchain companies that are focused on providing the tools to test the Web 3 landscape have managed to survive and even thrive during the current market downturn. Elementus, a New York-based blockchain firm, aims to disrupt the market by bringing Google-like granular analytics to the Web3 platform. raised $10 million as part of its 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’ valuation has reached $160 million, a significant increase since October 2021, when the company raised $12 million at a valuation of $52 million. That funding round, led by Velvet Sea Ventures, had participation from Alameda Research and Blockfi, two firms that are now in bankruptcy proceedings.
Funds raised will be used to build the infrastructure needed to make blockchain analytics more accessible to Web3 institutions through hiring and new product development processes.
Importance of Blockchain Analytics
Events over the past year, including the rise of the FTX, cryptocurrency exchange, and Web3 hacks, have brought the utility of effective blockchain monitoring systems into the spotlight. Max Galka, CEO of Elementus, believes that the systems the company offers can help institutions start to rebuild trust in blockchain companies again. In a PR release, Galka said:
The past year has brought into the spotlight the tremendous importance of blockchain understanding, auditability and transparency. As the wider crypto industry tries to emerge from a difficult year, it will be important to do so in a way that fosters trust, credibility, and security among both users and businesses operating in this still nascent 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 conduct forensic audits related to Celsius and Blockfi, two crypto lenders that filed for bankruptcy protection last year.
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