Mumbai, April 10th, 2018: Matrix Partners India announced today that it has invested in the blockchain startup, Elemential. Elemential is a blockchain administration platform that helps developers quickly and easily build and manage blockchain networks at scale, just as Chef does for web apps and Docker does for containers. The round also saw participation from Amrish Rau, Investopad, Digital Currency Group, Hinduja Group, Lightspeed India, Eight Innovate, Amit Ranjan, Prashant Malik and other prominent angel investors. It is also AngelList India’s first syndicate.
While interest in blockchain is growing rapidly, more than 75% of POCs fail because smart contract programming as well as managing a chain throughout its lifecycle is hard and time consuming. Elemential is solving this problem through its products called Hadron (orchestration tool) and Elements (building blocks) that help build scalable blockchain applications. Elemential is working with the National Stock Exchange of India and several other pilot customers across use cases varying from KYC, trade finance, reconciliation, consent management, etc.
Commenting on the fund raise, Raunaq Vaisoha, Co-Founder and CEO, Elemential, said, “We're super excited to welcome on board a fantastic investor group led by Matrix Partners India. 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.”
“Every new technology can go mainstream only when you can streamline application development and large-scale deployment. We are excited to partner with Raunaq, Sahil, Anil and the Elemential team in their journey to help democratize the use of blockchain globally. Blockchain is the next big infrastructure shift in technology and we are looking to invest in startups that are capturing value at the core infrastructure, middleware or application layer ”, said Rajat Agarwal, Vice President, Matrix India.
Barry Silbert, Founder and CEO, Digital Currency Group, added, “Elemential is well positioned to meaningfully move the ball forward on enterprise adoption of blockchain tech, particularly in Asia. We are excited to support them.”
Elemential is a blockchain administration platform that helps developers build scalable blockchain applications. Through its products Hadron and Elements, Elemential is simplifying the development, deployment and orchestration of blockchain applications. Elemential works with several marquee customers including the National Stock Exchange and several capital markets players. For more information visit: http://elemential.com/
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Mswipe (mobile POS), Five Star Finance (SME lending), Razorpay (payments), OfBusiness (credit led B2B marketplace), CreditVidya (Fin-tech SaaS) and ZipLoan (small business lending) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $4 billion under management. Further information is available at www.matrixpartners.in