Fidelity Affiliate Avon Ventures, Morgan Creek, Lead $3.5 Million Funding For Elementus Blockchain Analytics Firm
A blockchain analytics company called Elementus has recently been able to raise $3.5 million USD from several backers including a sister company of Fidelity Investments. The company is focused on analyzing information about blockchains. For instance, it has recently invested the PlusToken case, which was a notorious Ponzi scheme.
Elementus was created back in 2017 and it was able to receive investments from several important players since then.
For instance, the company received investments from Morgan Creek Digital, one of the most well-known venture capital funds of the crypto world. Morgan Creek Digital is managed by Anthony Pompliano, which is a prominent figure in the crypto market.
Another important company that invested in Elementus was Avon Ventures, a subsidiary of Fidelity Investments. Other companies included Robot Ventures and Stage 1 Ventures.
Investments In Blockchain Companies Unrelated To Bitcoin Have Declined
Is blockchain really the technology of the future? Despite what most of us immersed in the crypto world may believe, some investors are starting to change their minds about this question. According to Crunchbase, this was only the second time that Elementus managed to get money for one of its projects. The company was able to raise $800,000 USD last year and $3.5 million recently.
This has a relation with the fact that the hype around that blockchain is dying out. Crunchbase affirms that investments have declined by 60% in July. Now, several investors have been burned for investing in low-quality blockchain companies and they are only investing in the most promising ones.