Victor Ugochukwu · Dec 14, 2020 . 5min read
Chainalysis raises $100M in Series C funding round
Chainalysis raises $100 million in Series C funding round led by Addition and former investors, thus increasing its valuation to $1 billion.
By Komal Joshi · Nov 24, 2020 . 6min read
Chainalysis, a blockchain research firm, raises $100 million in investments to extend the scale of its operations. With the current fundraising, Chainalysis’s valuation has gone up to $1 billion. Chainalysis raises $100 million in Series C funding led by Addition. It is an investment firm established by former Tiger Global Management investor Lee Fixel. Other previous investors also participated. Moreover, it involves Accel, Benchmark, and Ribbit.
Chainalysis intends to expand operations via $100 million raise.
Michael Gronager, co-founder and CEO of Chainalysis, conversed enthusiastically after the completion of this round. He notes that these funds will further develop the company’s services and profit its investors, notably Addition. Furthermore, Addition added the most significant amount of money. Additionally, the company secured its Series B round funding with an extra $13 million in funding four months ago. The company initially acquired a $30 million financing led by Accel in February 2019. Moreover, it moved on to put another $6 million from two big-ticket Japanese investors in April.
For the uninformed, Chainalysis recently employs 75 people in its three offices located in Copenhagen, Washington DC, and New York. It renders support to law enforcement with a platform to identify and examine compliance violations, crypto frauds, and money laundering. Its clients involve financial institutions and crypto exchanges. Further, it also offers compliance software and bitcoin-tracing technology to brokers and banks by supporting them in monitoring and linking digital identities to digital coins. Therefore, Chainalysis is keen on expansion after raising $100 million in Series C round.
Chainalysis has become popular in the crypto ecosystem for its effectiveness in tracking transactions on the blockchain, resolving crimes, and providing vital insights regarding the state of cryptocurrencies today. Recently, Chainalysis, in agreement with data forensics company Integra Fec. got a combined $1.25 million contract from the IRS to develop tools aiding to track transactions in Monero and the Bitcoin Lightning Network.
Recently, the U.S. authorities are functioning closely with Chainalysis to seize over $1 billion in bitcoin with the infamous dark web marketplace Silk Road. According to the Department of Justice, Chainalysis assists in recognizing and examining wallets connected with the marketplace that went down in 2013.
Follow Cryptodose for more updates.