Chainalysis Raises $100M Series C Funding, Becomes Next Unicorn
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Chainalysis Raises $100M Series C Funding, Becomes Next Unicorn

November 23, 2020      Jafrin Ahmed

Blockchain data analytics company Chainalysis is set to become the next blockchain unicorn after raising $100 million in Series C funding. The latest funding resulted in the company’s total valuation to $1 billion. On Nov. 20 Chainalysis CEO and co-founder Michael Gronager appeared in a Forbes interview to reveal the upcoming Series C funding round, scheduled to occur next week. The latest venture capital firm Addition was behind the funding injection with contributions from Accel, Benchmark, and Ribbit.

Chainalysis Raises $100M Series C Funding

The blockchain analysis company has over 350 clients from governments and private institutions. Forbes even highlighted in its report that the firm’s total customer has shot up by over 65% over the past year.

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Chainalysis 250 clients are in the private sector including payment company Square. The other 100 clients include those from the public sector from around 30 jurisdictions including the U.S. Internal Revenue Service.

In October, the blockchain analysis company helped the U.S. Department of Justice to seize bitcoins of nearly 70,000 from a hacker stealing from the Silk Road black market.

Chainalysis’s Series B round alone resulted in the company to expand its total clients to up to 300. Its current client count consists of 350 up from 295 clients when the Series B round was closed.

Plans for Global Expansion

The latest funding round comes just after four months of raising an additional $13 million for the expansion of its Series B to $49 million.

The expansion of the Series B investment of $49 million also brought the newest member of Chainalysis’s board of advisors, Sigal Mandelker. He was the former undersecretary for terrorism and financial intelligence during the Trump administration of the Treasury Department.

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The crypto analytics startup has currently offices in New York, Singapore, and Tokyo. The latest funding amount will be used for the firm’s further global expansion and also to improve its workings with the government.

 

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Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Being a HODLer she takes a keen interest in following the volatile Bitcoin charts. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.