MUMBAI: Marking its foray into blockchain, Matrix Partners has invested an undisclosed amount in Elemential Labs , a blockchain administration platform that helps developers build and manage blockchain networks at scale.The round also saw participation from Investopad, Lightspeed India Partners, Digital Currency Group, Hinduja Group , Eight Innovate and several notable angels such as PayU India’s Amrish Rau, SlideShare’s Amit Ranjan and former Facebook executive Prashant Malik. Elemential Labs has also been named AngelList India’s first syndicate. ET had reported on March 23 that Matrix Partners was looking to invest in an Indian blockchain startup.As a middleware, Elemential’s product can be used by application developers of all kinds to build a blockchain network and manage it. Elemential’s products Hadron (orchestration tool) and Elements (building blocks) enable building of such scalable blockchain applications smoothly by resolving hiccups in smart contract programming and management of the blockchain.“Blockchain orchestration and management is a fundamental challenge in the blockchain ecosystem that’s a roadblock to scalable implementations,” said Raunaq Vaisoha, cofounder of Elemential. “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.”

Source: Economic Times April 10, 2018 02:30 UTC