Chainalysis reaches $8.6bn valuation after $170m funding round

Chainalysis has finalised a $170 million Series F funding round, bringing the Blockchain platform's valuation to $8.6 billion.

The round was led by GIC, Singapore's sovereign wealth fund. Previous investors Accel, Blackstone, Dragoneer and FundersClub increased their investment in the company, and the Bank of New York Mellon and Emergence Capital participated in the round too.

The Blockchain data management and compliance platform says the valuation makes it the “largest enterprise SaaS company in the cryptocurrency industry”.

The company says it will use the cash injection to continue to invest in product innovation and to scale its global operations to meet customer demand.

In a statement,Chainalysis said: “While government bodies have long realised 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 from financial institutions entering the cryptocurrency space, reached new highs.”

The firm says it now has 750 customers in 70 countries, including over 100 financial institutions.

Overall, in the last year, it increased the number of customers that account for more than $100,000 in annual recurring revenue by 75 per cent, to 150 customers.

It is continuing to invest in building out its platform to support new and enhanced risk management and business intelligence tools.

“The cryptocurrency industry has crossed into the mainstream with financial institutions entering the space, and new technologies like NFTs are disrupting traditional markets,” said Michael Gronager, chief executive of Chainalysis.

“GIC understand the power of Chainalysis’ data platform and customer network and the market opportunity before us. We are deepening our relationship with their team, especially as we expand our business in the APAC region,” said Gronager.

Choo Yong Cheen, chief investment officer of private equity at GIC, said: “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 industry. We are pleased to expand our partnership and look forward to their next stage of growth.”

Chainalysis has hired more than 450 people in the past 12 months and now has over 700 employees. It says it has over 370 open positions across all functions and geographies.

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