Chainalysis doubles in value following $170m series F funding round

By Liza Tetley on Friday 13 May 2022

Savings and Investment

This latest financing round brings the crypto SaaS giant’s valuation to $8.6bn.

Chainalysis doubles in value following $170m series F funding round
Image source: Michael Gronager/Chainalysis

Blockchain data platform Chainalysis’s valuation has swelled two-fold with its latest series F funding round of $170m, led by Singapore’s sovereign wealth fund GIC.

The company is now valued at a whopping $8.6bn, which it says positions it as the largest SaaS company in the cryptocurrency industry.

Existing investors Accel, Blackstone, Dragoneer and FundersClub piled in with new investment at the series F funding round, and BNY Mellon and Emergence Capital also participated.

Chainalysis – which has grown its customer base by 75 per cent within the past year – says it will use the funds to invest further into product innovation and to scale its global operations to “meet customer demand as the asset class gains mainstream acceptance”.

The company claims that changing attitudes towards crypto among government bodies has served to fuel Chainalysis’s growth, spurring demand for its products as new players enter the space.

“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, co-founder and CEO at 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.”

Chainalysis provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries.

The company’s growth has been reflected in its headcount, with 450 new hires within the past year and over 370 open positions globally across its functions.

“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.

The firm’s previous funding round took place in June 2021, a series E financing led by renowned tech investor Coatue, during which Chainalysis raised $100m.

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