Blockchain intelligence firm Elliptic completes $5m Series A
London-based firm that helps companies risk assess Bitcoin transactions will use funding to consolidate its “global benchmark” position
Elliptic, a blockchain intelligence firm, has closed a $5m Series A funding round led by Paladin Capital Group, with participation from Santander Inno Ventures, KRW Schindler, The Digital Currency Group, and existing investor Octopus Ventures.
Launched in 2013, London-based Elliptic uses graph analysis and machine learning to help companies and governments identify illicit activity in blockchain transactions – the ledger of transactions for Bitcoin.
The company claims more than $2bn in Bitcoin transactions have been risk assessed by US and European Bitcoin exchanges and payment processers since launch.
The funding will enable the company to “consolidate its position as the global benchmark” within blockchain compliance, fraud detection and investigations technology.
In 2014, Elliptic closed a $2m seed round led by venture firm Octopus Investments to develop its first product; the “world’s first ever” insured Bitcoin storage vault.
Dr. James Smith, co-founder of Elliptic, commented: “Our new investors bring deep expertise in law enforcement, international financial services, and blockchain technology and we are excited to work with them on our next phase of growth.
“We have already been able to expand operations to the US and will continue to extend our portfolio of products.”
Kenneth Minihan, managing director at Paladin Capital, added: “We recognise that the firm’s monitoring capability will be an essential component of any blockchain in the future and we will help Elliptic to expand in the US, via our contacts and knowledge of US law enforcement and government agencies.”