Bitcoin surveillance startup Elliptic Enterprises Ltd. has raised $5 million Series A in a round led by Paladin Capital Group which included Santander InnoVentures, KRW Schindler, Digital Currency Group and Octopus Ventures.
Founded in 2013 originally as a Bitcoin storage solution, Elliptic now offers a Bitcoin surveillance service for law enforcement and Bitcoin companies that can identify illicit activity on the Bitcoin Blockchain.
The company’s software uses artificial intelligence to explore the Bitcoin Blockchain network for patterns of suspicious transactions and activity and allows users to detect unusual transactions and track their origin.
Given that it tracks transactions on the Blockchain, Elliptic’s software can also be applied to any Blockchain derived service, meaning that they are also able to support financial institutions currently investigating, or implementing Blockchain derived solutions for internal and external transactions.
“Elliptic is a game-changer for blockchain and is already trusted by