Mumbai-based blockchain startup Elemential has successfully raised Seed funding, led by Matrix Partners India. The funding round also saw the participation of Amrish Rau, Investopad, Digital Currency Group, Hinduja Group, Lightspeed India, Eight Innovate, Amit Ranjan, Prashant Malik and other prominent angel investors.
This round also marks the formation of AngelList first Syndicate in India which was launched in January this year.
While the funding amount has not been disclosed, Elemential will utilise it for team expansion to cater to its global demand.
Commenting on the fundraise, Raunaq Vaisoha, co-founder and CEO, Elemential said, “Blockchain orchestration and management is a fundamental challenge in the blockchain ecosystem, that’s a roadblock to scalable implementations. With Hadron, our focus is to make managing a blockchain network an easy process with a short learning curve. The Jeff Bezos of the blockchain world will build his product using Elemential; that goal keeps us on our toes.”
Founded in 2016 by Raunaq Vaisoha, Anil Dukkipatty, Sahil Kathpal and Aaryaman Vir Shah, Elemential offers a blockchain middleware called Hadron (orchestration tool) for enterprises. As Raunaq dubs it as the “Wordpress of the blockchain space”, the Elemential product is sector agnostic and is solving this problem through its products: Hadron and Elements (building blocks) both of which help to build scalable blockchain applications.
The blockchain startup is working with the National Stock Exchange (NSE) and several other pilot customers across cases that vary in their usage from KYC, trade finance, reconciliation, consent management, etc.