Bengaluru-based Elemential raised funding from Matrix Partners, Amrish Rau, Investopad, Digital Currency Group, Hinduja Group, Lightspeed India, Eight Innovate, Amit Ranjan, Prashant Malik and other prominent angel investors. It already has NSE as a client and aims to make Blockchain system deployment simple and easy.
At a glance
Startup: Elemential Labs
Founded year: 2015
Founders: Raunaq Vaisoha, Anil Dukkipatty and Sahil Kathpal
Sector: Blockchain Technology
Problem it solves: Offering Blockchain developers a Plug-and-play platform to run their networks
Funding: Seed funding
Raunaq Vaisoha started his first cryptocurrency venture at the age of 19 when he was still in college, in 2014, it was during the same time Tokyo-based Mt. Gox, the world’s largest bitcoin exchange, crashed. That led Raunaq to start looking deeper into Blockchain ledgers.
Intrigued by the possibility of a future with commoditised trust, Raunaq launched HackCoin – a global community of Blockchain developers. HackCoin Mumbai was India’s first Blockchain hackathon and gained the support from institutions such as Microsoft, IBM, Citrus, and others.
Over 300 developers from companies such as Infosys and Banca Sella engaged with institutions to build use-cases that would lay the groundwork for India’s Blockchain efforts. This was the genesis of Elemential Labs.
Elemential Labs is a blockchain administration platform that helps developers quickly and easily build and manage blockchain networks at scale.
The startup recently raised seed funding led by Matrix Partners. 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.
Rajat Agarwal, Vice President, Matrix India, says,
“Blockchain is currently is in its nascent stages in India, but its applications can be multifold. The team at Elemential is building a product with a deep understanding of the technology and the space. In