Elliptic raises USD 5 mln funds

Elliptic uses graph analysis and machine learning to detect illegal activities in blockchain transactions. The company’s data and analytics work for both private and public sector, since blockchain technology is adopted at a large scale. The new capital allows Elliptic to improve its services regarding fraud detection and investigation technology, using them to asses Bitcoin transactions. The company also provides law enforcement agencies in the US and Europe, with evidence on crimes involving international arms trafficking, drug sales, theft and money laundering.

James Smith, Elliptic CEO, said the expertise of new investors lies in law enforcement, international financial services and Blockchain technology, a fact that enables the company to expand its operations and portfolio.

The funding round contributors are Santander InnoVentures, KRW Schindler, Digital Currency Group and Octopus Ventures.