In Brief:
- Elliptic has raised $60 million in a Series C funding round led by Evolution Equity Partners.
- SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group were among the investors.
Elliptic, a cryptocurrency risk management firm, has announced on Monday a $60 million Series C funding round led by Evolution Equity Partners and supported by a diverse group of venture capital firms including SoftBank Vision Fund 2, as well as existing investors AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, and SBI Group.
Elliptic’s funding history shows a consistent upward trend, with their first round of funding totaling $5 million in 2016, and their second round of funding totaling $28 million from late 2019 to early 2020.
According to the company’s announcement, exchanges that use Elliptic’s risk management and analytical data solutions account for two-thirds of all cryptocurrency volume traded globally.
The funds will be used to fund new hires, R&D, and global expansion, allowing fintech participants to “embrace the crypto opportunity with trust and confidence.” Elliptic, which was founded in 2013, claims to leverage over 20 billion data points covering 98 percent of all crypto assets by market cap.
Elliptic CEO Simone Maini emphasized the importance of safety when accessing crypto assets, by adding: “This fundraising round is an endorsement of the opportunity for crypto assets in the financial industry — and our absolutely critical role in the ecosystem.”
Richard Seewald, the founder of Evolution Equity Partners, commented on the potential impact of the funding raise on Elliptic’s business strategy: “The latest round of funding provides Elliptic with additional resources to expand their market-leading crypto asset risk management to financial institutions, businesses, and regulatory authorities worldwide.”
Elliptic is not the first company to receive funding from SoftBank; previously, they funded Blockone’s new subsidiary cryptocurrency exchange, Bullish.
Also, Chainalysis, an elliptic rival, recently raised a $100 million Series E round, valuing the company at $4.2 billion. Chainalysis has raised a total of $366.6 million in funding to date.
About Elliptic:
Elliptic was named by the World Economic Forum in June 2020 as one of 100 early to growth-stage projects at the forefront of technological innovation. The company was named to the category of Blockchain and Distributed Ledger Technologies, alongside notable industry figures Chainlink and MakerDAO, as well as Lighting Labs, Ripio, and Verdium Labs.
