Mumbai headquartered blockchain startup Elemential has managed to raise undisclosed amount in a seed funding round. The round was primarily led by popular venture capital firm Matrix Partners while other investors also participated in the round.
The other investors that participated in the round are as follows: U.S. based Digital Currency Group, the Hinduja Group, Lightspeed India, Amit Ranjan, Prashant Malik and others.
Elemential offers blockchain services through two flagship products
Incorporated in 2018 by four aspiring entrepreneurs, Elemential currently has two flagship products at its helm: Hadron (orchestration tool) and Elements (building blocks). With these two flagship products, Elemential helps in creating scalable blockchain applications. The startup claims that it has tied up with various organizations including National Stock Exchange (NSE) to offer services on pilot project basis.
Blockchain is touted as next big thing
Many experts consider Blockchain to be the next big thing that not only has the potential to bolster the growth of big IT companies but also startups. The Blockchain platform essentially helps in building fair and transparent financial infrastructure. With institutions today storing all their confidential financial data’s on server, protection of this data against fraud and privacy invasion has become immensely important. Blockchain as an evolving technology seeks to address these security concerns with regards to financial data.
Blockchain space is getting steadily crowded
Although India is still far behind the U.S, it still boosts decent number of startups in the blockchain space. Some of the popular startups in this space are Sofocle Technologies, Cateina Technologies, EzyRemit, Auxesis, KrypC, RecordsKeeper, Signzy and many other startups.
The blockchain space has also attracted decent amount of funding, but so far none of the startups have not attracted huge funding round. Not surprisingly then that most of the blockchain startups boost a very modest valuation.