These funds will be used to support an institution-grade data intelligence platform.
Elementus, a blockchain-based data analytics company with Palantir (NYSE PLTR) ties, has raised $12M in a Series B round, the startup informed CoinDesk. These funds will be used to improve the company’s intelligence platform that is institutional-grade.
Velvet Sea Ventures led the round with participation from Alameda Research and BlockFi, Pomp Investments. Lightspeed, Lightspeed, Gemini Frontier Funds, Blockchain.com, Avon Ventures were also part of the group.
Elementus provides data analytics and compliance solutions for blockchain, government agencies, financial institutions, investors, and researchers. Cryptoforensic solutions can be used to identify bad actors, detect security vulnerabilities and market intelligence.
“What we have done and will do with the funds today is create an institutional-grade platform that provides the search speed and range of Google as well as the data insight of Palantir. Trust me. This is not an easy task. We are trying,” Elementus CEO Max Galka said in an email to investors, which was also shown to CoinDesk.
Palantir, a publicly traded software company that specializes data analytics, has strong ties to the startup. Greg Barbaccia, President of Elementus, was most recently head of investigations at Palantir over a decade. Chitra Ragavan, Chief Strategy Officer, was once an advisor to Palantir CEO Alex Karp.
Palantir has added Elementus as a Foundry for Builders Program. This program provides startups access to Foundry’s data intelligence software. Galka stated in an email to investors that Foundry access will “turbocharge” our analytic products.