Blockchain analysis company Chainalysis has secured $100 million in a Series D financing round led by Paradigm, bringing its valuation to over $2 billion. Previous investors Addition and Ribbit increased their investment in the company, and TIME Ventures, the investment fund for Marc Benioff, also participated.
Founded in 2014, Chainalysis offers crypto investigation and compliance solutions to global law enforcement agencies, regulators, and businesses as they work together to fight illicit cryptocurrency activity. The company’s investigation and compliance tools, education, and support create transparency across blockchains so their customers can engage confidently with cryptocurrency.
Chainalysis’s Series D financing comes on the heels of its $100M Series C round in November 2020 and will be used to extend its business to provide enterprise data solutions to crypto businesses, financial institutions, and government agencies. Over the past year, the company has also:
- Increased annual recurring revenue by more than 100% year-over-year
- Doubled its client base to include government agencies in over 30 countries and private sector businesses in over 60 countries
- Grown its support to cover over 100 digital assets across 10 native blockchains, encompassing approximately 90% of cryptocurrency economic activity
- Hired 116 new employees
- Expanded its partnership program, which now consists of over 50 companies, including Fireblocks and Flashpoint
“Paradigm is passionate about investing in companies that enable the future of money,” said Fred Ehrsam, Co-founder, Paradigm. “Chainalysis provides key data infrastructure and software for the cryptocurrency ecosystem, and as cryptocurrency adoption grows, so will demand for Chainalysis offerings.”
“At Chainalysis we believe that eventually every company will use the blockchain to conduct their business,” said Michael Gronager, Co-founder and CEO, Chainalysis. “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.”
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