Elementus, a web3 company whose blockchain data intelligence platform enables forward-thinking, data-driven organizations of all sizes to leverage the power of blockchain, announced today a $10 million Series A-2 funding round led by ParaFi Capital, a crypto-native investment and technology firm that has led early-stage rounds in dozens of blockchain companies.
Following a $12M raise late in 2021, Elementus’ total funding now stands at $27M. The investment comes amid a growing need for more transparency across blockchain-based businesses following a year marked by a number of high-profile collapses in the broader cryptocurrency landscape.
ParaFi is a cryptocurrency investment and technology firm founded in 2018 that specializes in token, venture, and quantitative strategies. ParaFi is one of the industry’s first and largest institutional investors, having backed many of the industry’s pioneering innovators and protocols. It takes a highly technical approach to investing, leveraging the protocols and infrastructure in which it invests. Its lead investment in Elementus follows an active year despite market downturns.
The $10 million A-2 raise will be used for hiring and new product development. The round led by ParaFi comes one year after the company’s Series A funding round and adds to an already impressive 2022.
Financial institutions are using Elementus’ blockchain intelligence platform to build the future of finance and commerce on the foundation of blockchain and digital currencies, and key US government agencies are using it to solve some of the most high-profile ransomware investigations. Its platform enables the investigation of on-chain activities, the identification of risk, and the discovery of valuable market intelligence. Its platform provides the most comprehensive data set and sophisticated tagging/attribution capabilities on the market, resulting in the actionable insights businesses require to grow and prosper safely in a web3 world.
Elementus’ data-first core and proprietary algorithms provide it with a comprehensive view of the flow of funds at the most granular level, allowing financial services and crypto exchanges to use blockchain data strategically and confidently.
