Blockchain analytics firm Chainalysis has closed a $100 million Series D funding round, bringing its valuation to around $2 billion, the company said in a press release shared with The Chain Bulletin on 26 March.
According to the announcement, the new Chainalysis funding round was led by Paradigm, and saw participation from VC firms Addition Capital, Ribbit and Marc Benioff’s Time Ventures. The funding round — that brought the company’s valuation to $2 billion — follows closely after the firm’s $100 million Series C round, which in November 2020 boosted Chainalysis’ valuation to $1 billion. The CEO and co-founder of Chainalysis, Michael Gronger, said in a statement:
“We’ve collected more information about what happens on blockchains than anyone in the cryptocurrency industry. That information enables our customers to make better data-driven decisions. Our partners at Paradigm share our vision and understand that the data Chainalysis provides will enable accelerated adoption of cryptocurrency.”
The newly acquired funds will help Chainalysis accelerate its business growth, expand its product portfolio and enterprise data offering, as well as grow its engineering team. With its new products, the firm is looking to help not only crypto businesses, but asset managers, financial service providers and government agencies.
Chainalysis further claimed in its press release that it has more than doubled its year-over-year recurring revenue, and that it the past year has grown its client base to include government agencies in more than 30 countries, and private businesses in over 60 countries. Its solutions already encompass around 90% of the crypto economic activity, with then supporting over 100 digital assets across 10 native blockchains.
Earlier this week Chainalysis partnered with Bluestone Analytics, further boosting its visibility into dark web cryptocurrency transactions, and allowing it to connect the transactions to real-world entities.