Palantir-Linked Elementus Raises $12M for Crypto Intelligence Platform

The funds will help advance an institutional-grade data intelligence platform.

Oct 28, 2021 at 5:06 p.m. UTC
Updated Oct 28, 2021 at 6:37 p.m. UTC

Elementus, a blockchain data analytics firm with ties to Palantir (NYSE: PLTR), has raised $12 million in a Series A round, the startup told CoinDesk. The funds will help advance the company’s institutional-grade intelligence platform.

The round was led by Velvet Sea Ventures with participation from Alameda Research, BlockFi, Pomp Investments, Lightspeed, Gemini Frontier Fund, Blockchain.com and Avon Ventures.

Elementus offers blockchain compliance and data analytics solutions aimed at government agencies, financial institutions, researchers and investors. The crypto forensic solution can be used for market intelligence, security vulnerability detection and the identification of bad actors.

“What we have accomplished and plan to do with the funds announced today is provide an institutional grade platform that offers the search speed and scope of Google and the data insight of the Palantir platform. Trust me. This is no easy task. But we are doing it,” Elementus CEO Max Galka wrote in an email to investors that was shown to CoinDesk.

The startup has deep ties to Palantir, the publicly traded software company that specializes in data analytics. Elementus President Greg Barbaccia worked at Palantir for a decade, most recently as head of investigations. And Chief Strategy Officer Chitra Ragavan was once a senior adviser to Palantir’s CEO Alex Karp.

Earlier this month, Palantir added Elementus to its Foundry for Builders Program, which provides startups with access to the flagship Foundry data intelligence software. In his email to investors, Galka wrote that access to Foundry will “turbocharge our analytic products.”

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Brandy covers crypto-related venture capital deals for CoinDesk.