Chainalysis, the blockchain data platform, has announced a $170 million Series F financing led by GIC, Singapore’s sovereign wealth fund, bringing its valuation to $8.6 billion.
In a news release, Chainalysis revealed that previous investors Accel, Blackstone, Dragoneer, and FundersClub increased their investment in the company, and the Bank of New York Mellon and Emergence Capital also participated.
Chainalysis provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries.
Their data powers investigation, compliance, and market intelligence software that, according to the firm, has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely.
“Chainalysis is now 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.“
According to Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC:
“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.”
– CIO, Private Equity, GIC
According to Chainalysis, the demand for its type of services continues to rise in the last one year with the firm increasing its customer count by 75%.
Chainalysis now has more than 750 customers in 70 countries.
Moreover, over the past year, Chainalysis has:
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
Chainalysis has more than doubled its staff to 700 employees
The firm also continues to expand its product line, now screening on average $1 Trillion in transaction value each month across all cryptocurrency assets, enabling customers to more quickly list new assets safe. It also offers 100% coverage of the Top 15 DEX liquidity pools and improved coverage of lending and oracle protocols and yield-aggregators.