Blockchain firm Chainalysis picks $170Mn in GIC-led funding round

Blockchain firm Chainalysis picks $170Mn in GIC-led funding round

Chainalysis, a blockchain data firm, has recently secured $170 million in a Series F funding round which was headed by GIC, an investment entity that manages Singapore’s foreign reserves. According to reports, the latest funding has managed to double Chainalysis’s valuation to $8.6 billion since June 2021.

Established in 2014, Chainalysis offers blockchain data and analysis to banks, governments, large-scale enterprises, and small and medium sized business across the world to help them detect and prevent money laundering and cybercrime.

The blockchain data firm has raised nearly $536 million till date, which includes a $100 million series E that took place in June 2021. The firm secured $100 million in a Series D funding round in March 2021. It has also been backed by Benchmark, Paradigm, Addition, Accel, Coatue, Ribbit and several other venture capital firms.

Michael Gronager, the CEO and co-founder of Chainalysis, mentions that the world of finance is moving towards crypto. Chainalysis will have a big opportunity in the evolving market.

He added that the future of national security and finance will depend on blockchain data-based decisions. Chainalysis have harnessed the power and transparency of blockchains to deliver actionable insights into market, threats and business opportunities. 

Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, said that Chainalysis is in a distinctive position of running a SaaS business in the crypto space due to the stability of its business model as well as accelerating demand for trust and safety in the industry.

Chainalysis reportedly said in a statement that governments and large-scale enterprises have long acknowledged the significance of blockchain data and analysis. Its demand has augmented in the past years for risk management and intelligence products from financial institutions entering cryptocurrency market, exchanges, and decentralized finance platforms.

Source Credit:https://www.pymnts.com/news/investment-tracker/2022/blockchain-data-firm-chainalysis-raises-170m-at-8-6b-valuation/