Chainalysis doubles its private sector business and raises new funds to double its valuation to $8.6 billion

– Series F financing led by GIC with participation of new and previous investors –

NEW YORK, May 12, 2022 /PRNewswire/ — Chainalysis, the blockchain data platform, announced today $170 million Series F funding led by GIC, Singapore’s sovereign wealth fund and brings up its valuation $8.6 billion. Previous investors Accel, Blackstone, Dragoneer and FundersClub increased their investments in the company, and the Bank of New York Mellon and Emergence Capital also got involved. Chainalysis is now the largest enterprise SaaS company in the cryptocurrency industry and will use the funds to continue investing in product innovation and to scale its global operations to meet customer demand as the asset class gains mainstream adoption.

While government agencies have long recognized the importance of blockchain data and analytics, demand for risk management and business intelligence solutions has peaked from exchanges and DeFi platforms scaling their operations, and financial institutions entering the cryptocurrency space new highs last year.

In the past year, Chainalysis has:

• Increased its customer base by 75% and now has more than 750 customers in 70 countries.

• Doubled its private sector client base and tripled its financial services client base, now counting more than 100 financial institutions among its clients.

• Increased the number of customers who make more than $100,000 of annual recurring revenue by 75% to 150 customers.

Business Dynamics & Customer Successes

As the cryptocurrency industry has evolved and expanded since Chainalysis raised its Series E funding June 2021the company has partnered with new types of clients, including NFT platforms like Dapper Labs, fintech companies like Robinhood, and traditional financial institutions like Bank of New York Mellon, Cross River bankand Commonwealth Bank (CBA) in Australia. The business grew across the regions, with Asia Pacific notably a breakthrough year in 2021 and more than doubling in sales and customer numbers. As the company has grown, it has maintained a customer satisfaction NPS score of over 80%.

The story goes on

Chainalysis clients have also had great success in disrupting criminal activity and recovering funds. In November 2021the IRS Criminal Investigation Department announced that they had confiscated it $3.5 billion worth of cryptocurrency in 2021 — all from non-tax investigations — representing 93% of all funds seized by the department during that period. Other achievements are the $2.3 million seized by the ransomware group behind the Colonial Pipeline attack and OFAC’s sanctioning of two Russia-based cryptocurrency services heavily involved in money laundering.

product development

Chainalysis continues to invest in expanding its data platform to support new and improved risk management and business intelligence tools. Recent improvements include:

• Deepened Data Advantage: Blockchain analysis tools are only as good as the underlying data set, and Chainalysis now offers comprehensive DeFi identifications, including 100 percent coverage of the top 15 DEX liquidity pools and enhanced coverage of credit and oracle logs and yield aggregators .

• Introducing Cross-Chain Graphs: With the proliferation of blockchains—and the smart contracts that make them interoperable—Chainalysis Cross-Chain Investigations makes it easier for investigators to navigate this complicated ecosystem in a single graph.

• Advanced transaction monitoring capabilities: Chainalysis now checks on average 1 trillion dollars in transaction value each month across all cryptocurrency assets, allowing our clients to list new assets faster and more securely.

• Achieved SOC2 Type II Certification: Chainalysis has completed its second compliance audit for the KYT and Reactor products, confirming the successful implementation of controls in both the Security and Availability Trust Service criteria.

team growth

In the past year, Chainalysis hired more than 450 people and now has over 700 employees. To support the company’s continued growth and strengthen its operational functions, Chainalysis recently hired executives from various roles, including:

• Cider GrenadePresident and Chief Operating Officer: Granat was previously EVP, Chief Administrative Officer & General Counsel at IHS Markit, where she led and scaled the data, analytics and technology company’s legal, compliance, enterprise risk, information security and information technology functions to 10 Years of growth and transformation.

• W ThomasStanleyPresident and Chief Revenue Officer: Stanley was previously the CRO at Tanium, where he drove hyper-growth to more than 500 million dollars in ARR, in the expansion of international markets and the partner sales organization.

• Michael SmithGlobal VP of Talent Acquisition: Smith spent the last 11 years at Slack and Twitter focused on scaling companies globally through hyper-growth, launching and operationalizing innovative diversity-focused programs, and building next-generation talent functions.

• Caroline MalcolmHead of International Policy: Malcolm joins the Organization for Economic Co-operation and Development (OECD) after 12 years, most recently as Head of the Global Blockchain Policy Centre.

“Over the past year, the cryptocurrency industry has transitioned into the mainstream, with financial institutions invading space and new technologies like NFTs disrupting traditional markets,” he said Michael Gronager, Co-Founder and CEO, Chainalysis. “Our partners at GIC understand the power of Chainalysis’ data platform and customer network, the strength of our leadership team, and the market opportunity ahead of us. I am excited to deepen our relationship with their team, particularly as we expand our business in the APAC Region.”

“Chainalysis is in a unique position to run a SaaS business in the cryptocurrency space given the stability of its business model and the increasing demand for trust and security across the industry,” said Choo Yong Cheen, Chief Investment Officer for Private Equity at GIC. He added, “We are excited to expand our partnership and look forward to the next phase of growth.”

“Our investment in Chainalysis is a natural progression of an already meaningful and productive alliance,” he said Roman Regelmann, CEO of Securities Services & Digital at BNY Mellon. “BNY Mellon is at the forefront of financial markets innovation and partnering with established companies in the digital asset ecosystem like Chainalysis is a key pillar of our strategy.”

Chainalysis has over 370 open positions across all functions and regions.

Chainalysis is hosting its annual Links New York conference this week May 18th and 19. Sign up for the live stream here.

About chain analysis
Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions, insurance and cybersecurity companies in over 70 countries. Our data powers investigation, compliance and market research software that has been used to solve some of the world’s most notorious criminal cases and to expand consumer safe access to cryptocurrencies. Backed by Accel, Addition, Benchmark, Coatue, GIC, Paradigm, Ribbit, and other leading venture capital firms, Chainalysis builds trust in blockchains to drive more financial freedom with less risk. Visit www.chainalysis.com for more information.

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SOURCE Chain Analysis

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