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Blockchain firm Elliptic sets sights on US expansion after $5m Series A funding round

London-based Elliptic, who specialise in blockchain intelligence, have announced the closure of a $5m (£3.48m) Series A funding round.

The round, led by Washington DC-based venture capitalist firm Paladin Capital Group, also included participation from Santander InnoVentures, KRW Schindler, Digital Currency Group, and existing investor Octopus Ventures.

Elliptic, who also have a presence in New York, provide data intelligence using graph analysis and machine learning to identify illicit activity in blockchain transactions.

The tech firm is angling itself as one of the leading blockchain compliance, fraud detection and investigations technology, as the adoption of blockchain technology amongst private companies and governments ramps up.

Elliptic Chief Executive Officer and Co-Founder Dr. James Smith said: “Over the last three years we have built a top-tier client base. Our products have already been used to assess risk on blockchain transactions worth billions of dollars, and we have delivered key evidence in major criminal investigations in the US and Europe.

“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.”

Lieutenant General (Ret.) Kenneth Minihan, Managing Director at Paladin Capital, added: “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 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.”

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