Elementus, a startup focused on spotting illicit transactions made with cryptocurrency, today announced raising $3.5 million in a round led by Morgan Creek Digital and partly funded by a fund linked to Fidelity Investments – von Ventures, a venture capital subsidiary of Devonshire Investors, the private equity arm of Fidelity Investments’ parent company. Other participating funds include Stage 1 Ventures and Robot Ventures.
Elementus technology surfaces actionable insights directly from blockchain activity, identifying security vulnerabilities, exposing bad actors, and providing market intelligence for making informed investments in digital assets. The companies’ mission is to bring more transparency to the blockchain ecosystem, while building trust and accountability across the crypto markets in the process. Their data has been cited by WSJ, Bloomberg, Coindesk, Visual Capitalist, Fast Company, The block, MarketWatch, Business Insider, The Next Web and Zero Hedge.
A number of other firms compete in the blockchain analytics space including Elliptic, which closed a $23 million Series B funding round this month; CipherTrace, which closed $15 million in new funding in February; and Chainalysis, which closed a $30 million Series B round, also in February.