Blockchain data platform Chainalysis raises $170m Series F

Blockchain data and analysis platform Chainalysis has raised $170 million in a Series F financing round.

Chainalysis CEO and co-founder Michael Gronager

The round, led by Singaporean sovereign wealth fund GIC, pegs Chainalysis’ valuation at $8.6 billion and positions it as the largest enterprise Software-as-a-Service (SaaS) firm in the crypto space.

Chainalysis CEO and co-founder Michael Gronager says that “deepening the relationship” with GIC is particularly advantageous as “we expand our business in the Asia Pacific region”.

“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,” Gronager adds.

Previous investors Accel, Blackstone, Dragoneer and FundersClub increased their investment in the company, while the Bank of New York Mellon and Emergence Capital also participated.

Chainalysis will use the cash to invest in product development and scale its global operations to meet customer demand amid growing mainstream acceptance of cryptocurrency.

Over the past year alone, Chainalysis says it has increased its customer base by 75%, with more than 750 customers across 70 countries. In the private sector and financial services, it has doubled and tripled these customers, respectively.

The company says demand for risk management and business intelligence solutions from exchanges, decentralised finance (DeFi) and financial institutions has “reached new highs”.

The firm provides data, software, services and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies to solve crypto crime and expand consumer access to cryptocurrency safely.

In June last year, Chainalysis secured a $100 million Series E financing round led by Coatue.