Chainalysis, a New York-based blockchain analytics and cryptocurrency data provider, has raised US$170 million in a Series F funding round led by Singapore wealth fund GIC, bringing its valuation to US$8.6 billion.
Previous investors Accel, Blackstone, Dragoneer, and FundersClub increased their investment in the company, and Bank of New York Mellon and Emergence Capital also participated.
Chainalysis claims to be the largest enterprise SaaS company in the cryptocurrency industry, and will use the funds to continue to invest in product innovation and scale its global operations to meet growing customer demand as the asset class expands and gains mainstream acceptance.
Choo Yong Cheen, chief investment officer of private equity at GIC, comments: “Chainalysis is in a unique position of running a SaaS (software as a service) 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.”
Michael Gronager, Chainalysis co-founder and CEO, adds: “Our partners 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.”
The cryptocurrency industry has crossed into the mainstream with financial institutions entering the space and new technologies like non-fungible tokens (NFTs) disrupting traditional markets. At the same time, blockchain technology has demonstrated its importance in enhancing transparency and streamlining processes in the financial services industry.
Over the past year, Chainalysis tripled its financial services customer base; it now counts more than 100 financial institutions as customers.
The firm also increased its headcount, adding more than 450 people over the past year, and now has over 700 employees.
Chainalysis says it will continue to invest in product development and is building out its data platform to support new and enhanced risk management and business intelligence tools.