Chainalysis bags US$170m in Series F funds led by GIC

BLOCKCHAIN data platform Chainalysis has raised US$170 million in its Series F funding round led by Singapore’s GIC, doubling the platform’s valuation from US$4.2 billion to US$8.6 billion.

This round also saw past investors, including the world’s largest alternative asset manager Blackstone, as well as California-based Accel and Dragoneer, increase their investment in the company. New investors include Bank of New York Mellon and Emergence Capital.

Chainalysis said in a media release on Thursday (May 12) evening that it will use the funds to continue to invest in product innovation and scale its global operations to meet customer demand as the asset class gains mainstream acceptance.

Demand for risk management and business intelligence solutions have reached new highs in the past year, Chainalysis said, as crypto exchanges and decentralised finance platforms scale up their operations and financial institutions enter the crypto space.

The company said its customer count had expanded by 75 per cent in the past year, with its private sector customer base doubling and financial services customer base growing 3 times.

Chainalysis has also more than doubled its team during this period of time, hiring over 450 people. It now has some 700 employees, including recent executive-level hires across various functions.

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Chainalysis’ chief executive and co-founder Michael Gronager said his company is looking forward to deepening its relationship with GIC as it looks to expand its business in the Asia-Pacific region.

GIC’s chief investment officer for private equity said Chainalysis is in a “unique position” to run a software-as-a-service business in the crypto space due to the stability of its business model and an increasing demand for trust and safety in the industry.

Last year, Chainalysis announced a US$100 million Series E funding round led by New York-based tech investment manager Coatue.