Blockchain Forensics Firm Raises $23 Million for Asia Push
Elliptic will use the new funds to expand its offices in Tokyo and Singapore and broaden its offerings as crypto regulatory demands grow.
London-headquartered blockchain forensics firm Elliptic has raised $23 million in a funding round led by SBI Group, the Tokyo-based spinoff of SoftBank, which will be used to fuel the company's expansion in Asia, it announced in a press release on Tuesday.
The Series B round also saw new investment from AlbionVC and participation from existing investors including SignalFire, Octopus Ventures, and Santander Innoventures. At the same time, the company will add Tomoyuki Nii from SBI Group and Ed Lascelles to its board of directors.
Founded in 2013, the company provides crypto-asset risk management solutions for crypto businesses and financial institutions to help them manage their financial crime risk. Clients use its proprietory data to uncover activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.
Apart from new offices in Tokyo and Singapore, the funds will also go towards accelerating product development to support asset-backed crypto assets like Facebook's Libra, Line Corporation's Link and digital currencies issued by central banks, the statement said.
Asia Growth
Elliptic's revenue from clients based in Asia has increased eleven-fold over the past two years, the firm said.
«This new investment will allow us to double down on our mission to enable the crypto industry to grow and take shape,» Elliptic co-founder and CEO James Smith said.
«[SBI Group's] involvement demonstrates not only how far the crypto world has come, but also the critical role Elliptic plays in enabling the banking adoption of crypto-assets,» he added.
