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.”