Elliptic, a blockchain Startup that provides infrastructures for compliance and security, announced its closure of a $60 million in its recent Series C funding round. The funding round was geared towards bettering the Startup’s services to its clients.
Evolution Equity Partners and Softbank led a host of other investors to seal this round. The other contributors were Wells Fargo, Santander, AlbionVC, Octopus and some other existing investors.
When the Founders were asked about the details of how the fund will be utilized, they informed the press of four action plans: R&D, Products, Team building and Global Expansion.
According to the release, the Startup will fund its research and development culture in order to stay relevant in the ever-dynamic blockchain space. Moreso, as a blockchain security infrastructures provider, Elliptic needs to remain unbeaten by being at the forefront of research.
Secondly, the management of Elliptic noted that the Startup is “hatching new products”. As it could be gleaned from the release, the creation of these new products will be dependent on the results of the research and where the Startup needs to do better.
In addition, Elliptic plans to expand its team. The management claimed that the company’s team grew by 50% this year. Therefore, they would be onboarding new talents and hopes to have 200 total staffers by the end of next year.
Furthermore, global expansion is at the core plan of Elliptic. According to its Chief Executive Officer, Simone Maini, the reason Elliptic wants to ensure its global expansion is “so we can serve more customers more closely”.