Blockchain data platform Chainalysis bags $170m in GIC-led funding

Chainalysis, the blockchain data platform, announced a $170 million Series F financing led by Singapore sovereign wealth fund GIC , bringing its valuation to $8.6 billion.

Existing investors Accel, Blackstone, Dragoneer, and FundersClub increased their investment in the company, and the Bank of New York Mellon and Emergence Capital also participated.

The funding round makes Chainalysis 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 customer demand as the asset class gains mainstream acceptance.

The company is a blockchain data platform that provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries.

Its data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely.

While government bodies have long realized 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 financial institutions entering the cryptocurrency space reached new highs.

Over the past year, Chainalysis has increased its customer count by 75% and now has more than 750 customers in 70 countries. It also doubled its private sector customer base and tripled its financial services customer base, and now counts more than 100 financial institutions as customers.

Chainalysis customers also had huge success disrupting criminal activity and recovering 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, 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.”