Blockchain Analytics Firm Chainalysis Valued at $8.6 Billion In Latest Raise

Blockchain analytics company Chainalysis has been valued at a hefty $8.6 billion in its latest capital raise led by GIC, Singapore’s sovereign wealth fund. Bank of New York Mellon and Emergence capital also participated in the $170 million round.

Already existing investors such as Accel, Blackstone, Dragoneer, and Fundersclub increased their investment in the company. According to Chainalysis, the funding means the firm is now the largest SaaS firm in the entire cryptocurrency industry.

Chainalysis says it will use the new funds to “continue to invest in product innovation and scale its global operations to meet customer demand as the asset class gains mainstream acceptance.”

The company said that while governments have always been aware of the value behind blockchain data and analysis, private entities have also begun to take an interest over the last year, mostly from exchanges and DeFi platforms looking for risk management or business intelligence solutions.

Chainalysis highlighted three key achievements over the past year:

• Increased its customer count by 75% and now has more than 750 customers in 70 countries.
• Doubled its private sector customer base and tripled its financial services customer base, and now counts more than 100 financial institutions as customers.
• Increased the number of customers that account for more than $100k in annual recurring revenue by 75% to 150 customers.

The company also said it had “huge success” in helping authorities tackle criminal activity and seizing funds.

“In November 2021, the IRS Criminal Investigations announced that it had seized over $3.5 billion worth of cryptocurrency in 2021 — all from non-tax investigations — representing 93% of all funds seized by the division during that time period. Other successes include the $2.3 million seized from the ransomware group behind the Colonial Pipeline attack, and OFAC’s sanctioning of two Russia-based cryptocurrency services heavily involved in money laundering.”

“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,” said Michael Gronager, Co-founder and CEO of Chainalysis. “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.”