Singapore’s GIC backs blockchain data platform Chainalysis

A GIC signage is pictured during their results announcement in Singapore July 2, 2019. REUTERS/Anshuman Daga

Singapore sovereign wealth fund GIC Pte has backed the $100-million Series E funding in blockchain data platform Chainalysis, bringing the company’s valuation to $4.2 billion. 

The investment marks another crypto-related deal by GIC, which invested HK$543.2 million in Hong Kong-listed BC Technology group, the parent firm of regulated digital asset platform OSL, last week. 

The sovereign wealth fund also led an $80-million Series C round in US-based digital asset platform Anchorage in February, aside from participating in US crypto exchange Coinbase’s $300-million funding round back in 2018.

Chainalysis’s Series E round was led by US-based Coatue, according to a statement. New investors include Altimeter, Blackstone, Pictet, Sequoia Heritage and SVB Capital while previous backers Benchmark, Accel, Addition, Dragoneer, Durable Capital Partners and 9Yards increased their investment.

The latest round marks Chainalysis’s fifth raise in less than two years. In March and November, it raised two separate $100 million rounds, bringing the total amount raised to $365 million.

Founded in 2014, Chainalysis provides data, software, services, and research insights to government agencies, exchanges, financial institutions, as well as insurance and cybersecurity companies in over 60 countries. It claims to be the only company that has been systematically collecting information that links real-world entities to blockchain transactions since 2013.

Chainalysis’s customers include multinational bank Barclays, NYSE-listed Square, cryptocurrency exchange Gemini and the European Union’s law enforcement agency Europol, according to its website. 

The capital raised will be used to cover more cryptocurrencies, launch a global intelligence function, and further develop the company’s software.

Coatue managing partner Kris Fredrickson said the firm believes that financial institutions, government agencies and cryptocurrency businesses will increasingly deploy Chainalysis’s platform as cryptocurrency adoption grows.  

“The future of finance and national security will be based on blockchain data-driven decisions … We’ve harnessed the transparency of blockchains to provide actionable insights into markets, threats, and business opportunities,” said Chainalysis co-founder and CEO Michael Gronager. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.