Elementus — a web3 company whose blockchain data intelligence platform helps forward-thinking, data-driven organizations of all sizes to leverage the power of blockchain — today announced a $10M 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. The investment brings Elementus’ total funding to $27M following a $12M raise late in 2021 and comes amidst 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 crypto-native investment and technology firm founded in 2018 focused on token, venture, and quantitative strategies. One of the earliest and largest institutional investors in the space, ParaFi has backed many of the industry’s pioneering innovators and protocols and employs a deeply technical approach to investing, leveraging the protocols and infrastructure it invests in. Its lead investment in Elementus comes after an active year despite down markets.
“Despite recent headwinds in the industry, we continue to see unparalleled innovation within the blockchain space—and we’re only scratching the surface of the transformational impact this technology will have on legacy business models and the global economy,” said Ryan Navi, principal at ParaFi Capital. “We believe there are significant value-creation opportunities at the data and infrastructure layer of blockchain, where platforms will not only make blockchain data more accessible and transparent but also drive new insights and revenue opportunities for customers. We believe that this segment of the blockchain ecosystem will play a large role in the next phase of growth and anticipate widespread adoption. When we first met Max and heard his vision for Elementus, we saw an entrepreneur and a company that was perfectly positioned to capitalize on this opportunity. We couldn’t be more excited to invest in this team and help them fulfill their potential.”
“Last year has thrown into the limelight the tremendous importance of comprehension, auditability, and transparency of blockchains,” said Max Galka, CEO of Elementus. “As the broader crypto industry seeks to emerge from a tough year, it will be critical to do so in a way that foments trust, reliability and security among both users and businesses operating in this still-nascent market. This new strategic investment from ParaFi allows us to continue building the world’s most advanced industrial-grade blockchain data solutions in the world that will help return confidence and transparency to blockchain-based businesses.”
Elementus’ blockchain intelligence platform is being used by financial institutions to build the future of finance and commerce on the bedrock of blockchain and digital currencies, and by key U.S. governmental agencies to solve some of the most high-profile ransomware investigations. Its platform — which enables investigation of on-chain activities, identifying risk and discovering valuable market intelligence — provides the most complete data set and sophisticated tagging/attribution capabilities on the market, resulting in the actionable insights businesses need to grow and prosper safely in a web3 world. Elementus’s data-first core and proprietary algorithms give it a complete view into the flow of funds at the most granular level, empowering financial services and crypto exchanges to use blockchain data strategically with the highest degree of confidence.
Funds from the $10M A-2 raise are earmarked for hiring and new product development. The ParaFi-led round comes one year after the company’s Series A funding round and adds to an already noteworthy 2022, in which Elementus:
- Increased its valuation 208%, from $52M to $160M;
- Doubled its headcount, including the expansion of its leadership team with three strategic hires from Meta, JPMorgan, and Global Relay;
- Was named to The Information’s 50 Most Promising Startups of 2022 list in the crypto category;
- Selected by the Official Committee of Unsecured Creditors of Celsius Network and of BlockFi as Blockchain Intelligence and Forensics Expert in two of the most high-profile crypto bankruptcies.
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