Elementus Raises $10M in Funding to Continue Building Infrastructure Needed to Make Blockchain More Accessible
As a data scientist by background, when I first discovered blockchain technology, I was completely enthralled. As someone who loves problem-solving leveraging the power of data, I came across the ultimate medium for analyzing and visualizing data: an open-source, permissionless database available to anyone with an internet connection. Over time, though, I began to realize blockchains weren’t as accessible as they seemed. There was a fundamental problem in the underlying infrastructure of the technology. That’s why I started Elementus — to make blockchains more accessible — and to provide the necessary infrastructure needed in order to do so.
Since founding Elementus, our team has experienced significant growth. Our technology has been used by financial institutions, governments, and creditors committees of some of the most high-profile bankruptcy cases over the past year. Our rapid growth has led us to double our headcount, triple our valuation, and most recently The Information named us as one of their 50 Most Promising Startups of 2022.
What’s helped address the accessibility gap I mentioned above and fuel our growth? Put simply, it’s data. Elementus makes accessing and understanding the blockchain possible with unprecedented visibility by leveraging the power of data. We’re also providing critical infrastructure which allows organizations to navigate web3 safely and with confidence. In this next stage of web3, it's sophisticated tooling and access to data that will not only drive further adoption of blockchain technology, but also help spur new insights that weren’t previously imaginable.
Our unique position and passion for making blockchain data more accessible has led to some tremendous news we’re thrilled to share today: Elementus has raised an additional $10 million in a Series A-2 funding round led by ParaFi Capital, one of the earliest and largest institutional investors in the space that has backed many of the industry's pioneering innovators and protocols.
ParaFi sees what we do: a growing need for infrastructure that enables transparency, comprehension, and unparalled insights for current blockchain-based businesses—and for those exploring entering the space. After a challenging year in crypto markets, this gap in the market has become more pronounced — and it’s infrastructure providers like us that will continue to help onboard more users onto web3 — and spur new innovations as a result. We’re going to continue our momentum in 2023 and it’s crucial that we help more institutions unleash the power of blockchain technology—with confidence.
Ryan Navi, our lead investor at ParaFi, said it best:
“We believe there are significant value-creation opportunities at the data and infrastructure layer of blockchain, where platforms will not only make blockchain data more accessible and transparent but also drive new insights and revenue opportunities for customers. We believe that this segment of the blockchain ecosystem will play a large role in the next phase of growth and anticipate widespread adoption…We couldn’t be more excited to invest in this team and help them fulfill their potential.”
With ParaFi’s $10M investment, Elementus is well-equipped to continue our mission to build the most advanced blockchain data solution. In doing so, we’ll continue to make blockchains more accessible, help institutions navigate web3 with confidence, and allow them to gain new insights in the process.
We would like to extend thanks to ParaFi Capital for their commitment and belief in Elementus’ mission. For more information on our new investment, check out our press release here.