Venture capital firms and other investment institutions continue to pour funds into the blockchain industry
In an announcement published Monday, London-based analytics company Elliptic confirmed it raised $60 million in a Series C funding round led by Evolution Equity Partners. Two well-known European tech investors, Octopus and AlbionVC, participated in the round, alongside major firms including Wells Fargo, Digital Currency Group and SoftBank.
“As reported in the Wall Street Journal today, we have closed our Series C financing round of $60 million. This round is a milestone and validates our critical role in the crypto industry,” said CEO Simone Maini in a blog post.
The post explained that the funds will be used to expand operations and invest in research and development. Elliptic views these areas as essential to adapt to a continually growing crypto industry and to remain a trusted service provider for institutional clients. The company said it aims to lead in accuracy, reliability and scalability.
Maini also noted that the latest funding round reflects Elliptic’s contributions to the crypto ecosystem. She told Reuters that Elliptic’s work has played a key role in the industry’s growth and in advancing adoption of digital assets.
“Without strong foundational insights and the right tools to fight financial crime and provide protection and sound risk management, it is very difficult for these businesses to seize new opportunities,” she said.
Richard Seewald, founder of Evolution Equity Partners, also acknowledged Elliptic’s role in supporting safe crypto adoption and said the funding will help extend the company’s reach.
“This latest financing provides Elliptic with additional resources to become the market leader in crypto-related risk management for financial institutions, corporations and regulators worldwide.”
Elliptic provides transaction analytics to traditional financial institutions, fintech firms and government agencies, and offers risk-management services to crypto companies. Since its founding eight years ago, the company has worked with over 100 clients.
Compliance with rules designed to combat financial crime is becoming increasingly important. According to Neil Cunha-Gomes of SoftBank Investment Advisers, Elliptic’s early start in the space has earned it trust among financial institutions, putting the company in a strong position to facilitate secure adoption of cryptocurrencies.
Other crypto analytics firms have also grown through recent funding rounds. In June, Chainalysis raised $100 million in a Series E round, bringing its valuation above $4 billion. Around the same time, TRM Labs raised $14 million in its own funding round.