:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XOCXAR7IY5FDBHSCROJUEUZM24.jpg?resize=800&w=800 "Blockchain Analytics Firm Elliptic Raises M to Fund R&D, Expansion")
The fundraising highlights growing interest in the transaction-analysis industry as companies strive to comply with AML rules and track the proceeds from successful hacks.
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Elliptic founder and CTO James Smith (CoinDesk archives)
Elliptic, which helps track transactions on blockchains, has raised $60 million in a Series C funding round led by Evolution Equity Partners.
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The London-based company will use the money for research and development (R&D) and international growth. The funding will also help with the expansion of Elliptic’s team, especially in the U.S.
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Elliptic said participating investors included SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire, and Paladin Capital Group. CoinDesk is a subsidiary of Digital Currency Group.
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The fundraising underlines the mounting interest in the transaction-analysis industry as companies strive to comply with anti-money laundering rules (AML) and track the proceeds from successful hacks. Last month, payments giant Mastercard agreed to buy CipherTrace for an undisclosed amount. In March, Chainalysis, a peer whose client base includes government investigators, was valued at $2 billion in a Series D fundraising.
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“The unique nature of crypto as a maturing asset class means there is a growing need for enterprise-grade compliance and transaction monitoring tools,” said Neil Cunha-Gomes, investor for SoftBank Investment Advisers.
- Elliptic, which was founded in 2013, also said Richard Seewald, the founder, and managing partner at Evolution Equity Partners will join its board of directors.
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