Elementus Closes $10M Round to Build Data Intelligence Tool for Web3

The fundraising brings Elementus’ total funding to $27M following a $12M raise late in 2021.
Image source: elementus.io

Quick take:

  • Elementus has announced a $10 million Series A-2 led by ParaFi Capital.
  • The company is building a web3 data intelligence tool to make it easier for mainstream companies to access on-chain data.
  • Elementus had previously raised $12 million in Series A 1 and $5 million in seed and pre-seed rounds. 

Elementus is ramping up the development of its web3 data intelligence tool with a $10 million funding round led by ParaFi Capital. The company is building a toolkit that will enhance transparency for blockchain-based companies.

Elementus enables financial institutions, government organisations and creditors to easily access on-chain data required in cases like bankruptcies and creditworthiness for those looking to establish a credit line.

The fundraising comes at the back of a year that saw several blockchain-based companies collapse further raising doubts about the transparency of the industry. FTX was the highlight, with the ‘multi-billion’ dollar crypto exchange filing for bankruptcy. 

Crypto lender Voyager Digital and Web3 venture capital firm 3 Arrows Capital were other notable companies that went under in the past 12 months.

Elementus seeks to prevent such events from happening again by creating a toolkit that enables relevant authorities and regulators to keep tabs on the real financial positions of crypto companies whose finances are mostly kept on-chain.

In a blog post published Monday on his company’s website, Elementus co-founder Max Galka wrote: “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, [and] triple our valuation.”

The company says its toolkit makes it easy for non-crypto native professionals to understand blockchain data, whilst also providing an infrastructure that allows companies to access web3 data safely.

Commenting on ParaFi Capital’s leading role in the $10 million round, Galka said that the crypto-focused investment company understands Elementus’ role in the industry, citing the “growing need for infrastructure that enables transparency, comprehension, and unparalleled insights for current blockchain-based businesses—and for those exploring entering the space.”

On the other hand, Parafi Capital’s Ryan Navi commented: ‍“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 fulfil their potential.”‍


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