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Analytics firm Elliptic raises $60 million funding led by SoftBank

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Pavan A Follow

INDIA

Oct, 12 2021

Oct, 12 2021

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Elliptic, a London-based crypto asset risk management firm, has secured $60 million in a Series C funding led by cybersecurity-focused venture capital firm, Evolution Equity Partners and backed by SoftBank Vision Fund 2.


AlbionVC, Digital Currency Group, SBI Group, SignalFire, Wells Fargo Strategic Capital, Octopus Ventures, and Paladin Capital Group were among the existing investors who invested during the funding round.


As part of the agreement, Elliptic has added Richard Seewald to its board of directors. These funds will be used to scale up research and development for the Elliptic platform, as well as expand the staff. According to a blog post, the company also aims for a global expansion to provide services in new countries.


The company said in a statement -

“We’ve already grown, as a team, by nearly 50% this year and will use this investment to grow even faster,” and “By the end of 2022, we will grow to more than 200 Elliptites globally.”


With larger investors becoming more interested in cryptocurrencies, blockchain analysis and analytics services like Elliptic are in high demand, thanks to increased regulatory scrutiny on a sector riddled with compliance issues.


Neil Cunha-Gomes, who is the investor for SoftBank Investment Advisers, said-

 “The unique nature of crypto as a maturing asset class means there is a growing need for enterprise-grade compliance and transaction monitoring tools.”


With Elliptic’s Series C round, the total funding reaches $100 million. A spokesperson for the company declined to provide a valuation but said they have raised $40 million in previous rounds.


The competitor CipherTrace was purchased by Mastercard for an undisclosed sum last month. Blockchain analytics firm, TRM Labs, raised $14 million in a Series A funding round and Chainalysis recently raised $100 million in Series E funding in June, valuing the company at $4.2 billion.

 


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Pavan A

CBW - External Analyst

INDIA

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