GIC Leads Chainalysis’ US$170 Million Series F, Doubling Its Valuation to US$8.6 Billionby Fintech News Singapore May 13, 2022
Chainalysis, a New York-based blockchain data platform, announced a US$170 million Series F financing led by Singapore’s sovereign wealth fund GIC, bringing its valuation to $8.6 billion.
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 in the round.
Chainalysis said that it 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.
In line with this, the firm added that it is continuing to invest in building out its data platform to support new and enhanced risk management and business intelligence tools.
Over the past year, Chainalysis has hired more than 450 people, and now has over 700 employees.
To support the company’s continued growth and strengthen its operational functions, Chainalysis recently hired executives across functions, including; Sari Granat as President and Chief Operating Officer as well as W. Thomas Stanley as its President and Chief Revenue Officer.
Chainalysis currently has over 370 open positions across all functions and geographies.
The firm had secured a US$100 million Series E financing in June 2021 led by Coatue which valued it at US$4.2 billion at that time.
Over the past year, Chainalysis reported that it has increased its customer count by 75% and now has more than 750 customers in 70 countries.
It has also doubled its private sector customer base and tripled its financial services customer base, and now counts more than 100 financial institutions as customers.
“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.
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.”
said Michael Gronager, Co-founder and CEO, Chainalysis.
“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.
We are pleased to expand our partnership and look forward to their next stage of growth.”
said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC.