Chainalysis raises $170M at $8.6B Value

Chainalysis, a crypto investigation company said Thursday it raised $170 million in a funding round that valued the blockchain analytics software developer at $8.6 billion.

GIC led Series F. Accel, Blackstone, Dragoneer, Bank of New York Mellon, Bank of New York Mellon (BK), and other participants also participated, according to a press statement. Chainalysis previously raised $100 million in June 2021 at half its current valuation.

Chainalysis reported that its tools monitor $1 trillion in transactions each month, with ransomware, ransomware, and digital asset hacks grabbing international headlines. It assists governments and private businesses in tracking illicit crypto flow across transparent public blockchains.

The hulking software-as-a-service company says its customer base increased 75% to 750 total. The rise of big spenders with accounts worth $100,000+ is also evident (one premium seat can be worth tens or thousands of dollars).


However, governments and companies around the globe are willing pay. Chainalysis is now present in 70 countries and plans to expand its presence in other regions.

“A global expansion is one of the drivers here,” CEO Michael Gronager said in an interview. He said Chainalysis is “continuously doubling down” in Europe, Asia-Pacific and South America – a particular hotbed for growth.

Against all this is a proliferation of “more use cases for crypto” (think: non-fungible tokens and decentralized finance exchanges) that clients need to monitor, label, profile and track. “We are constantly building new products” to keep up, Gronager said.

It now employs 700 people, which is more than half the number who arrived within the past year. Chainalysis is hiring high-ranking C-suite executives from major entities in the public policy and market structures worlds.

All this for a company whose short-term fate isn’t quite so shackled to token prices. Criminals will continue to commit crimes, in both up and down markets. They will also pay for the advancement of governments and companies.

Gronager said he’s not worried about this week’s market tumult. It’s during the quiet sideways markets to come that stablecoins, NFTs and layer 2s get built, he said. “There’s a lot of smart things to develop,” he said.

The company will also introduce new crypto-vectors as they are developed.

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