On November 23, Chainalysis announced the closure of its Series C funding round, which resulted in $100 million capital raised. The funding was led by Addition and assisted by some of the previous major investors in the company, and brought Chainalysis’s valuation to over $1 billion.
According to the announcement, the funds will be used to scale Chainalysis’s platform to meet the growing global demand for blockchain technology, with the company’s set of software solutions being the main focus of development.
As reported by Chainalysis, the organization has increased its customers by 65% and achieved a 100% growth in recurring revenue in Q3 2020. It has also opened new offices in Singapore and Tokyo, as well as assisted U.S. law enforcement in several high-profile cases, including the Twitter hack and the recent disruption of two terror cryptocurrency operations.
Michael Gronager, Co-Founder and CEO of Chainalysis, stated that the company is ready for its next “phase of growth,” with its established network of government agencies in over 30 countries and 250 independent business clients acting as the framework.