The blockchain analytics and intelligence firm, Chainalysis, has raised $100 million (£72m) after its fifth round of funding, bringing its total valuation to $4.2 billion (£3.6bn).
Funding was led by investment management company Coatue, with further funds being provided by Benchmark, Accel, Addition, Dragoneer, Sequoia Heritage and SVB Capital.
This latest round of funding follows on from a successful series D round back in March 2021 in which Chainalysis raised $100m (£72m) and was valued at $2bn (£1.45bn). The impressive doubling of the firm’s valuation in just over three months stands testament to the rapidly growing importance of blockchain analytics.
In announcing this new round of funding, Chainalysis mentioned it intends to use the funds to concentrate on expanding in three specific areas: the deepening of its data through monitoring more cryptocurrencies, further development of software solutions, and the improvement of access to APIs so that more parties can leverage the firm’s data.
Chainalysis’ series D and E rounds of funding bring the total amount raised by the firm to $365m (£265m). Blockchain analysis has become a global business as governments and law enforcement agencies continue to benefit from its usage. Between Chainalysis and Ciphertrace, an estimated 80% of the cryptocurrencies in existence were tracked by blockchain surveillance in 2019.
For an example of the work and technical software utilised by Chainalysis, have a look at our article on its 2021 Crypto Crime Report.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
