Elliptic, a leading firm in the RegTech space, has announced that its Series C funding round raised $60 million from existing investors, such as Wells Fargo Strategic Capital, and new investors, such as SoftBank Group.
What Does Elliptic Do?
Elliptic provides blockchain analytics to help firms achieve regulatory compliance when dealing with the cryptoasset space as well as well as to help regulators detect, prevent, and investigate crypto-related crimes. In particular, around 2/3 of of crypto trading volume runs through exchanges that use Elliptic’s software.
For example, one of their customers is Coinbase, which has this to say about Elliptic:
“Elliptic has been our trusted partner since 2015, helping strengthen our AML program and create a new standard for compliance in the crypto industry. We value their emphasis on data precision, as well as their commitment to building a more transparent and safer crypto economy.“
Examples of other customers are Revolut, Santander, Silvergate, Stellar, Uphold, Wirex, Zilliqa, and BitGo.
Elliptic was founded in October 2013 by Dr. James Smith (CTO), Dr. Tom Robinson (Chief Scientist), and Dr. Adam Joyce (Chief Architect).
What Does Elliptic Plan to Do With This $60 Million?
According to the press release issued by Elliptic yesterday (October 11), their Series C funding round was led by Evolution Equity Partners, alongside new investment from SoftBank Vision Fund 2. Existing investors that also participated include AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire, and Paladin Capital Group.
Elliptic says that this latest fundraise will “accelerate Elliptic’s efforts in enabling financial markets participants to embrace the crypto opportunity with trust and confidence.” More specifically, the company plans to “strengthen its global leadership position through continued research and development, investment in its global network and expansion of Elliptic’s team, particularly in the U.S.”
Simone Maini, the CEO of Elliptic, said:
“At Elliptic, we help financial institutions, from crypto exchanges to the world’s leading banks, embrace cryptoassets more safely. This fundraising round is an endorsement of the opportunity for cryptoassets in the financial industry – and our absolutely critical role in the ecosystem.“
And Richard Seewald, Founder and Managing Partner at Evolution Equity Partners, who will “join the Board of Directors to provide strategic, proven leadership building global software companies” had this to say:
“Elliptic is at the forefront of safeguarding our digital world and has led the way in enabling the safe adoption of cryptoassets across financial services. The latest fundraise provides Elliptic more resources to expand their market-leading cryptoasset risk management to financial organizations, businesses and regulatory authorities around the world.“