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.
Elemential has raised $1 million overall in the current round, said a person close to the development who asked not be named.
The company will use the funding to hire people across categories such as engineering, design and business management, Raunaq Vaisoha, chief executive of Mumbai-based Elemential, said in a phone interview.
More than 75% of Proof of Concept (POC) ideas built around blockchain fail to reach execution because managing a blockchain throughout its lifecycle is hard and time-consuming, the company said in a statement. Elemential is solving this problem by providing building blocks and managing tools for businesses and developers to build scalable blockchain applications, it added.
Vaisoha said Elemential is currently working with the National Stock Exchange (NSE), government entities, and several other pilot customers across cases varying from KYC (know your customer), finance operations, automated settlements, and consent management among others.
Company focus will not just be limited to big and small enterprises, but will include independent developers as well, Vaisoha added.
“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.
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.