New York

Elementus Raises $10M to Make Access to Data on Blockchain More Accessible – AlleyWatch

Decentralization is one of the most important advantages of blockchain, but having data in many different places makes it difficult to easily access data across different chains and applications. There was no efficient solution to make web3 data accessibility seamless. Elementus A blockchain data intelligence infrastructure platform that provides visibility and traceability to organizations and access to unstructured data across blockchains. The platform is versatile in that it can be used for intelligence derivation, illicit trade investigation and forensic purposes, and risk and compliance management. Elementus currently works with many financial institutions and government agencies to manage their data and ensure the web3 ecosystem is secure thanks to the transparency provided by the platform.

alley watch Catch up with the founder and CEO of Elementus Max Galka To learn more about the business, the company’s strategic plans, the latest funding round, and more…

Who are your investors and how much did you raise?

This is a $10 million A-2 round, ParaF Capital. Also participating in this round were: Moonshots Capital, Spitfire Ventures, Colaco Investment Group, There were also participation of several individual investors. This investment brings Elementus’ total funding to $27 million, following his $12 million in late 2021.

What products or services does Elementus offer?

Elementus helps organizations solve their toughest blockchain data problems. We provide blockchain infrastructure solutions that enable access and understanding of blockchains with unprecedented levels of visibility and traceability. Helping organizations investigate on-chain activity, identify risks, discover valuable market intelligence or a combination of all three, providing the market’s most complete datasets and sophisticated tagging/attribution capabilities To do.

Our platform is used by financial institutions to build the future of finance and commerce on top of blockchain and digital currency foundations, with major US government agencies solving some of the most high-profile ransomware investigations. and assisted several unsecured creditor committees. We are following the trail of lost funds in one of the biggest crypto bankruptcies of the past year.

What inspired you to start Elementus?

I’m a former Wall Street trader and data scientist who loves using data to solve problems. When I discovered blockchain technology, I found it to be the ultimate medium for analyzing and visualizing data. It’s an open source, permissionless database available to anyone with an internet connection. I was completely fascinated.

However, over time, we’ve found that blockchain is not as accessible as we thought it would be, and that fundamental problems exist in the underlying infrastructure. This led to the Knowing of Elementus, which was created to make blockchain more accessible, transparent and provide the necessary infrastructure to do so.

How is Elementus different?

Simply put, our data. We provide comprehensive data sets in the marketplace, combined with our patented algorithms, to make blockchain easy and secure for financial institutions and cryptocurrency exchanges of all sizes.

Accessing and understanding blockchain is critical as we move from web2 to web3, and that sophisticated tools and access to data will not only drive further adoption of blockchain technology, but will also help people who were previously It can also help facilitate new insights you never imagined. We make this possible with unprecedented visibility by harnessing the power of data and providing the critical infrastructure that enables organizations to navigate the web3 safely and confidently.

What is Elementus’ target market and size?

At the most basic level, our marketplace is a blockchain-based business. Financial institutions (fintechs) are the most mature adopters of blockchain technology today, but Elementus’ data intelligence platform is also built for companies looking to enter the space.

We have performed a thorough Total Addressable Market (TAM) analysis and conservatively estimated the market size at $10 billion. Zooming out, Gartner estimates that the broader business value generated by blockchain will reach $176 billion by 2025 and exceed $3 trillion by 2030. Recently, a study by ARK Invest found that cryptocurrencies and smart contracts could create a market value of $20 trillion and $5 trillion respectively. .

what is your business model?

We operate a SaaS-based business model and charge a regular monthly fee for our platform.In addition, we also provide advisory services related to blockchain forensics and investigations.

How are you preparing for a potential economic slowdown?

Our team is very disciplined when it comes to capital allocation decisions, closely monitoring burn rates and thinking carefully about how we structure our team. This idea works well during expansions and recessions. In addition, our customers use our platform during the ups and downs of the market, as we are the leading infrastructure he provider for accessing blockchain data.

What was the fundraising process like?

Our team wasn’t actively trying to raise money, but after the meeting Ryan Navi and the ParaFi team have decided to raise additional capital according to opportunities with long-term focused partners that align with our vision. Rather than go through a formal funding process, we have decided to raise additional funding as part of our previous Series A funding.

What was the biggest challenge you faced in raising capital?

The fundraising process takes a lot of time and effort, and it’s always difficult to keep your team organized throughout the process while allowing your team to focus on key priorities. Do your best to follow an organized fundraising process and keep your team building momentum.

What factors in your business are driving investors to write you checks?

The team at ParaFi Capital sees great value creation opportunities in our area of ​​expertise, the data and infrastructure layers of blockchain. The team also saw an opportunity for platforms like Elementus to not only increase access and transparency to blockchain data, but also bring new insights and revenue opportunities for customers. These core beliefs in our business model ultimately led his ParaFi Capital to become our primary investor.

What milestones do you plan to achieve in the next six months?

We plan to bring the new product to market in the first half of 2023. This product provides access to sophisticated tools and data. This will not only be the key to spurring greater adoption of blockchain technology, but it will also help foster new insights not seen before. I can imagine. Additionally, we are planning to expand our team and are actively recruiting new team members.

We plan to bring the new product to market in the first half of 2023. This product provides access to sophisticated tools and data. This will not only be the key to spurring greater adoption of blockchain technology, but it will also help foster new insights not seen before. I can imagine. Additionally, we are planning to expand our team and are actively recruiting new team members.

What advice can you give to New York companies that haven’t injected fresh capital into their banks?

The current economic environment is uncertain and volatile, but don’t let doom and gloom deter you. Operate your business with discipline and always be careful in your capital allocation decisions. Also, try to stay focused on important business priorities and keep the momentum going. Best of all, reach out to your New York-based colleague and ask for his best practices and advice. Hearing stories from fellow operators navigating difficult environments can be very helpful.

Where do you see the company going now in the near future?

Our team will continue to be very focused on building new products, providing the infrastructure needed to access blockchain data, and driving further adoption of blockchain technology. After a tough year in the cryptocurrency industry, our technology helps institutions navigate web3 with confidence and gain new insights along the way.

Where is your favorite coffee shop or location in the city to hold a meeting?

Our favorite coffee shop, whether for afternoon coffee or meetings, is Debosion on East 20th Street.


You’re just seconds away from signing up for Tech’s hottest list.

sign up today


https://www.alleywatch.com/2023/02/elementus-blockchain-data-infrastructure-platform-accessible-analysis-max-galka/ Elementus Raises $10M to Make Access to Data on Blockchain More Accessible – AlleyWatch

Back to top button