Chainalysis, a blockchain data platform, has raised $170 million in Series F funding sponsored by GIC, Singapore’s sovereign wealth fund, valuing the company at $8.6 billion.
Chainalysis said in a press statement that existing investors Accel, Blackstone, Dragoneer, and FundersClub have raised their stake in the firm, as well as the Bank of New York Mellon and Emergence Capital.
In more than 70 countries, Chainalysis delivers data, software, services, and research to government agencies, exchanges, financial institutions, insurance, and cybersecurity firms.
Their information fuels investigative, regulatory, and market intelligence software that, according to the company, has helped solve some of the globe’s most high-profile criminal cases and expand customers’ access to bitcoin in a secure manner.
Chainalysis stated in a release that it is now the leading enterprise SaaS firm in the cryptocurrency market and that the funds will be used to continue investing in product innovation and scaling its global operations to satisfy customer requirements as the asset class acquires mainstream adoption.
Chainalysis is in a distinct position to control a SaaS business in the cryptocurrency world, according to Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, because of the durability of its business model and the growing demand for trust and safety in the market.
Chainalysis reports that demand for its services has increased by 75% in the last year. Chainalysis presently has customers in more than 70 countries.
Furthermore, the blockchain data platform has increased its private sector client base and increased its financial services customer base in the last year, presently serving over 100 financial institutions.
The number of clients who generate more than $100k in yearly recurring income has grown by 75% to 150. Chainalysis has increased its workforce to 700 people.
The company is also expanding its product line, screening on average $1 trillion in transaction value per month across all bitcoin assets, allowing users to list unique properties more swiftly and safely.
It also includes complete coverage of the Top 15 DEX liquidity pools, as well as increased coverage of loan and oracle protocols and yield-aggregators.
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