Mumbai-based Elemential Labs, a blockchain administration platform that helps developers build and manage blockchain networks at scale, has raised $1 million from investors led by Matrix Partners India, reported Live Mint, citing a person close to the development.
The round also saw participation from Investopad, Lightspeed India Partners, Digital Currency Group, Hinduja Group, Eight Innovate and several notable angels such as PayU India’s Amrish Rau, SlideShare’s Amit Ranjan and former Facebook executive Prashant Malik.
The startup will use the funding to hire people across categories such as engineering, design and business management, said the Live Mint report.
Elemential Labs has also been named AngelList India’s first syndicate. Syndicate is platform introduced by US-based AngelList this January that allows investors team up with like minded people and pool funds for investments in startups in the country.
Founded in 2015 by Raunaq Vaisoha, Anil Dukkipatty and Sahil Kathpal, Elemential lab has built blockchain-based products and dev tools for a number of different use cases. Examples include trade finance applications, payment systems, compliance solutions etc. The startup also works with the National Stock Exchange of India and several other pilot customers across various use cases ranging from KYC, trade finance, reconciliation, consent management, etc.
This February, when National Stock Exchange of India (NSE) and a group of domestic banks collaborated on a know-your-customer (KYC) data trial involving blockchain, it was Elemential Labs that provided the technology for the trial.
In a statement to media, Raunaq Vaisoha, CEO of company said, “Basically we are something like a WordPress for companies looking to build blockchain network. Any entity including banks, companies, money exchanges, they can just pick up our existing templates and use that to build a new blockchain framework within their organization,” said Vaisoha.
Elemential has a flagship product called Hadron which makes blockchain administration a secure and easily managed process in order to make it possible for the current generation of blockchain entrepreneurs to focus on innovating on their application and not worry about protocol level risks and overhead; which today occupy a significant portion of their time before they are able to get to actually building their application. Imagine setting up a website without WordPress.
Rajat Agarwal, vice president, Matrix India, said the company will be scouting for more investments in the blockchain space. “Blockchain is the next big infrastructure shift in technology and we are looking to invest in start-ups that are capturing value at the core infrastructure, middleware or application layer,” Agarwal said in a statement.
Last month, an another Mumbai-based blockchain startup Nuo Bank had raised $250,000 in a seed funding from payment gateway firm PayU India’s chief executive officer Amrish Rau and managing director Jitendra Gupta.
In the same month, a yet another Mumbai-based blockchain startup Aetlo Tech, which was just a-year-old startup, has been acquired by Page Solutions, a global banking and financial firm based out of UK.
Last year in March, YES BANK — for its unique business accelerator program — YES FINTECH, had selected 12 Blockchain startups to offer mentorship and guidance from industry experts on how to create a scalable business from their products and deploy their innovative technologies within a collaborative framework. The bank’s accelerator program also provided access to funding of upto USD 1 million through VC partners without any equity commitment.
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