Crypto risk intelligence company Chainalysis on Thursday said it raised $170 million in a funding round that makes it a $8.6 billion valued business.
Led by GIC, the Series F round included participation from Accel, Blackstone (BX), Dragoneer, Bank of New York Mellon (BK) and others. The last time the firm opened an investment round it brought in $100 million leading to a $4.2 billion valuation.
In the announcement, the analytics firm that monitors $1 trillion of transactions monthly, said:
“While government bodies have long realized the importance of blockchain data and analysis, in the past year the demand for risk management and business intelligence solutions from exchanges and DeFi platforms scaling their businesses and financial institutions entering the cryptocurrency space reached new highs.”
Chainalysis said its customer base increased 75% to 750 total, while governments around the world are also willing to pay for its services. The company now has a presence in 70 countries and is looking to invest heavily outside its U.S. base.
Michael Gronager, Co-founder and CEO, Chainalysis, said:
“Over the past year, the cryptocurrency industry crossed into the mainstream with financial institutions entering the space and new technologies like NFTs disrupting traditional markets.
Ourpartners at GIC understand the power of Chainalysis’ data platform and customer network, the strength of our team of leaders, and the market opportunity before us. I’m thrilled to deepen our relationship with their team, especially as we expand our business in the APAC region.”
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, commented:
“Chainalysis is in a unique position of running a SaaS business in the cryptocurrency space due to the stability of its business model as well as the increasing demand for trust and safety in the overall industry.
We are pleased to expand our partnership and look forward to their next stage of growth.”
CEO of Securities Services & Digital for BNY Mellon, Roman Regelman, added:
“Our investment in Chainalysis is a natural progression of an already meaningful and productive alliance.
BNY Mellon is a leader in financial market innovation, and collaborating with established firms in the digital asset ecosystem, like Chainalysis, is a key pillar in our strategy.”
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