Blockchain analysis company Chainalysis has raised an additional $13 million to expand its Series B round to $49 million. Additional investment from Ribbit Capital and Sound Ventures follows a $36 million raise from Accel, Benchmark, MUFG and Sozo Ventures last year.
Sigal Mandelker, General Partner at Ribbit Capital, will join as an advisor. “Chainalysis has done terrific work providing blockchain analysis and tools to financial institutions, government agencies and exchanges, while working to track, analyse, and disrupt illicit activity,” he said.
“As the digital assets industry continues to evolve and grow in positive ways, I’m excited to work with the Chainalysis team to help develop public-private partnerships, enhance ground-breaking technologies in financial services, and root out illicit networks.”
Chainalysis is doubling down on its government business. Over the past year, the company has continued to enhance its blockchain data and foundational investigative product, Chainalysis Reactor, providing insights into how and why people move money across the world. It grew revenue from new government customers by almost 400%.
The company’s compliance products, Chainalysis KYT (Know Your Transaction) and Chainalysis Kryptos, are now used by over 180 private sector customers across 44 countries.
“Chainalysis is the data platform bet, as crypto-asset adoption increases across the world,” said Micky Malka, the Managing Partner of Ribbit Capital. “We’re convinced that the firm’s technology provides foundational infrastructure for the future of finance. Chainalysis has already seen impressive growth, and the economic opportunity is massive.”