Elliptic, a London and New York-based blockchain intelligence company, raised $5m in Series A funding.
The round was led by Paladin Capital Group, with participation from Santander InnoVentures, KRW Schindler, Digital Currency Group, and existing investor Octopus Ventures. In conjunction with the funding, Christopher Steed, Managing Director of Paladin Capital Group, will join Elliptic’s board of directors as a board observer.
The company intends to use the funds to consolidate its market position and expand operations.
Launched in 2013 by CEO Dr. James Smith, Elliptic has developed blockchain compliance, fraud detection, and investigations technology, which uses graph analysis and machine learning to identify illicit activity in blockchain transactions, and provides law enforcement agencies in the US and Europe with actionable evidence on crimes involving international arms trafficking, drug sales, extortion, theft and money laundering.