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Blockchain Analytics Firm Elliptic Raises $60M to Fund R&D, Expansion

Elliptic, which helps track transactions on blockchains, has raised $60 million in a Series C funding round led by Evolution Equity Partners.

The London-based company will use the money for research and development (R&D) and international growth. The funding will also help with expansion of Elliptic’s team, especially in the U.S.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.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.“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.

Read more: Elliptic Is Mapping Bitcoin Stolen From 2016 Bitfinex Hack

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