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Blockchain intelligence firm Elliptic today announced a $5 million Series A funding round led by Paladin Capital Group , with participation from Santander InnoVentures , KRW Schindler , Digital Currency Group , and existing investor, Octopus Ventures . Christopher Steed, Managing Director of Paladin Capital Group, will join Elliptic’s board of directors alongside Octopus Ventures, and Santander InnoVentures will join as a board observer.
London and New York-based Elliptic uses graph analysis and machine learning to identify illicit activity in Blockchain transactions. As more companies and governments around the world adopt Blockchain technology, Elliptic’s data and analytics services will be in strong demand in both the private and public sector. This new capital will allow Elliptic to consolidate its position as the global benchmark in Blockchain compliance, fraud detection, and investigations technology, and maintain its advantage in bringing confidence and clarity to the Blockchain ecosystem.
Since launching in 2013, Elliptic has established itself as the leading authority on Blockchain monitoring and investigations. The top US and European Bitcoin exchanges and payment processors have adopted Elliptic’s compliance and fraud detection technology, using it to assess risk on more than $2 billion in Bitcoin transactions. Elliptic has also provided law enforcement agencies in the US and Europe with actionable evidence on crimes involving international arms trafficking, drug sales, extortion, theft and money laundering.
The funding round was led by Paladin Capital Group, a multi-stage private equity firm headquartered in Washington DC with offices in London, specialising in disruptive technologies with commercial and security applications.
Lieutenant General (Ret.) Kenneth Minihan, Managing Director at Paladin Capital, said: “Elliptic has demonstrated a powerful working product that can combat illicit activity on Blockchains. Elliptic is a game-changer for Blockchain and is already trusted by some of the smartest minds in law enforcement and compliance. We recognise that the […]
