The Indian startups based on Blockchain business are now going through the roof. Genius, Young talent in the country is coming together to channel its energy into building blockchain for several uses.
Mumbai-based blockchain startup Elemential has now raised Seed funding, led by Matrix Partners India. The funding round also saw the participation of prominent angel investors, Amrish Rau, Investopad, Digital Currency Group, Hinduja Group, Lightspeed India, Eight Innovate, Amit Ranjan, Prashant Malik, just to name a few.
Rajat Agarwal, Vice President, Matrix India stated,
“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 democratise 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.”
The funding amount hasn’t been disclosed yet but Elemential is set utilize it for team expansion to cater to its global demand.
Raunaq Vaisoha, co-founder and CEO, Elemential said,
“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.”
Elemential was founded in 2016 by Raunaq Vaisoha, Anil Dukkipatty, Sahil Kathpal and Aaryaman Vir Shah. Elemential offers a blockchain middleware called Hadron (orchestration tool) for enterprises. The founders now call it as “Wordpress of the blockchain space”. Hadron and Elements (building blocks) both of which help to build scalable blockchain applications.
However, in actual, the Elemential journey found its root way back in 2011-12 with Raunaq was a teenage boy, all of 15 years of age, used to trade Bitcoins. However, the fall of the then largest Bitcoin exchange Mt. Goxin 2014 made him look deeper into the Bitcoin subject and the underlying technology i.e. blockchain. By then, Raunaq had also started blogging on cryptocurrency-related stuff.
In 2015, Raunaq launched HackCoin, which is a global community of blockchain developers. As per Raunaq, HackCoin Mumbai was India’s first blockchain hackathon and gained the support of institutions such as Microsoft, IBM, Citrus and others. Over 300 developers from companies like Infosys, Banca Sella and others engaged with institutions to build use-cases that would lay the groundwork for India’s blockchain efforts.
Hadron is a freemium middleware, much like WordPress plugins which are used to control and monitor websites. The middleware admin console helps manage the blockchain. It manages everything in blockchain – keys, stakeholders, smart contracts and so on which otherwise is very difficult in the case of blockchain.
Hadron helps manage the protocol layer, based on the inputs that come from the application side. To ensure the security, oen of the co-founders talks,
“We have developed a utility protocol Federated Network Protocol (FNP) that controls the Hadron. This ensures the security of the Hadron. If at all any bug comes, the protocol removes Hadron and reinstalls it,”
The blockchain adoption worldwide has been becoming a hot topic, even for the once who are not even remotely related to the technological sector. This proves how blockchain can garner serious business and capital.
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