One of the leading blockchain data platforms, Chainalysis recently topped the valuation of $8.6 billion after raising $170 million in a Series F investment round. Additionally, the company highlighted its growth since the Series E funding last year.
The recent investment round was led by GIC, Singapore’s sovereign wealth fund. The existing investors, including Accel, Blackstone, Dragoneer and FundersClub expanded their investment in the blockchain data platform. Bank of New York Mellon and Emergence Capital also joined the funding round .
With a valuation of $8.6 billion, Chainalysis has now become the largest enterprise SaaS company in the cryptocurrency industry. The company is planning to enhance product innovation through recent funding.
“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, the 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.”
Last year, the firm raised $100 million in its Series E investment round and topped the valuation of $4.2 billion.
Developments
While Chainalysis is planning to use funds to accelerate its expansion in the coming months, it highlighted the latest developments in its strategic goals. Over the past 12 months, the blockchain company enhanced its customer count by almost 75%. During the same period, Chainalysis hired more than 450 people.
“Chainalysis is in a unique position of running a SaaS business in the cryptocurrency space due to the stability of its business model as well as the increasing demand for trust and safety in the overall industry,” said Choo Yong Cheen, the Chief Investment Officer of Private Equity at GIC.
