Paladin leads $5m series-A for Elliptic

The fresh capital will allow the company to continue developing its product in order to target the banking sector, as well as law enforcement and government agencies. Moreover, the injection will assist the recent opening of the company's New York office.

Paladin led the series-A round alongside Santander InnoVentures, KRW Schindler, The Digital Currency Group and existing investor Octopus Ventures. The latter led a $2m funding round for Elliptic in July 2014.

As part of the deal, Paladin managing director Christopher Steed will join the company's board as an observer alongside Octopus and Santander InnoVentures representatives.

Company
Headquartered in London and founded in 2013, Elliptic develops fraud detection and investigation technology for both the public and private sectors. The business uses graph analysis and machine learning to identify illicit activity in Bitcoin cryptocurrency transactions, a process called blockchain.

People
Paladin Capital – Christopher Steed (managing director).
Santander InnoVentures – Mariano Belinky (managing partner).
Elliptic – James Smith (co-founder, CEO).

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• Topics
• Expansion
• Technology
• UK / Ireland
• United Kingdom
• Octopus Ventures