Chainalysis raises $170 million in Series F funding, doubling the valuation to $8.6 billion
Chainalysis, the blockchain data platform, has announced a $170 million Series F funding led by GIC, Singapore’s sovereign wealth fund, bringing the valuation to $8.6 billion.
In a press release, Chainalysis announced that previous investors Accel, Blackstone, Dragoneer, and FundersClub have all increased their investments in the company, and Bank of New York Mellon and Emergence Capital have also added stakes.
Chainalysis provides data, software, services and research to government agencies, exchanges, financial institutions, insurance and cybersecurity companies in over 70 countries.
Their data powers investigative, compliance and market research software, which the company says has been used to solve some of the world’s most notorious crime cases and to safely expand consumer access to cryptocurrencies.
Singapore’s GIC led the latest round of funding
In a statement, Chainalysis said:
“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 client demand as the asset class gains mainstream adoption.”
– Chain analysis
According to Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC:
“Chainalysis is in a unique position to operate a cryptocurrency SaaS business due to the stability of its business model and the increasing demand for trust and security across the industry.”
– CIO, private equity, GIC
According to Chainalysis, demand for this type of service has continued to grow at the company over the past year 75% increase in customer numbers.
chain analysis now has more than 750 customers in 70 countries.
In addition, over the past year, Chainalysis has:
- 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 generating more than $100,000 in annual recurring revenue by 75% to 150 customers
- Chainalysis has more than doubled its workforce to 700 employees
The company is also continuing to expand its product line and is now reviewing an average transaction value of $1 trillion across all cryptocurrency assets each month, allowing customers to securely list new assets faster. It also offers 100% coverage of the top 15 DEX liquidity pools and enhanced coverage of credit and oracle logs and yield aggregators.
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READING RECOMMENDATIONS: Cryptocrime grew 516% in 2021 compared to 2020 – DeFi contributed 72%, according to the latest Chainalysis report
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