Chainalysis, a 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. The funding also saw previous investors Accel, Blackstone, Dragoneer, and FundersClub increase their investment in the company. The Bank of New York Mellon and Emergence Capital also participated.
We're thrilled to announce a $170 million Series F financing led by GIC, Singapore's sovereign wealth fund, with participation from our existing investors, bringing our valuation to $8.6 billion. https://t.co/SOt4v46HCM pic.twitter.com/jJHDumzJfd
— Chainalysis (@chainalysis) May 12, 2022
Chainalysis is currently the largest enterprise SaaS company in the cryptocurrency industry now 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.
While govt 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. The company 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. Chainalysis has also increased the number of customers that account for more than $100k in annual recurring revenue by 75% to 150 customers.
Michael Gronager, Co-founder and CEO of Chainalysis said, “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.”
“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, Chief Investment Officer of Private Equity at GIC. He added, “We are pleased to expand our partnership and look forward to their next stage of growth.”
“Our investment in Chainalysis is a natural progression of an already meaningful and productive alliance,” said Roman Regelman, CEO of Securities Services & Digital for BNY Mellon. “BNY Mellon is a leader in financial market innovation, and collaborating with established firms in the digital asset ecosystem, like Chainalysis, is a key pillar in our strategy.”