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.