Berlin-based regulatory tech startup Elucidate has raised 2.5 million euros ($3 million) in a seed funding round led by San Francisco's 11.2 Capital. The fraud-spotting startup works with large institutions to reduce the risk of financial crime. It was also funded by Seed X and Apex Ventures, along with smaller strategic investors and St.Louis' SixThirty Ventures. "Financial crime is now a fairly crowded vertical where you're trying to out-muscle established competitors in identifying risk," Shane Riedel, cofounder and CEO of Elucidate, told Business Insider in an interview. Visit Business Insider's homepage for more stories.