Chainalysis, a United States-based blockchain data platform, announced Thursday a $170 million Series F financing led by GIC, Singapore’s sovereign wealth fund, bringing its valuation to $8.6 billion.

Previous investors Accel, Blackstone, Dragoneer, and FundersClub increased their investment in the company, and the Bank of New York Mellon (BNY Melon) and Emergence Capital also participated in the round, Chainalysis said in a statement.

Chainalysis, which is now the largest enterprise software as a service (SaaS) company in the cryptocurrency industry, will use the funds to continue to invest in product innovation and scale its global operations to meet customer demand as the asset class gains mainstream acceptance.

“Over the past year, the cryptocurrency industry crossed into the mainstream with financial institutions entering the space and new technologies like NFTs disrupting traditional markets. Our partners at GIC understand the power of Chainalysis’ data platform and customer network, the strength of our team of leaders, and the market opportunity before us. I’m thrilled to deepen our relationship with their team, especially as we expand our business in the Asia Pacific (APAC) region,” said Michael Gronager, Co-Founder and Chief Executive of Chainalysis.

Chainalysis is a blockchain data platform that provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries. Its data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely.

Backed by Accel, Addition, Benchmark, Coatue, GIC, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk.

“Chainalysis is in a unique position of running a SaaS business in the cryptocurrency space due to the stability of its business model as well as the increasing demand for trust and safety in the overall industry. We are pleased to expand our partnership and look forward to their next stage of growth,”said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC.

Over the past year, Chainalysis has increased its customer count by 75 percent and now has more than 750 customers in 70 countries. The firm has also doubled its private sector customer base and tripled its financial services customer base, and now counts more than 100 financial institutions as customers. It has also Increased the number of customers that account for more than $100,000 in annual recurring revenue by 75 percent to 150 customers.

As the cryptocurrency industry has evolved and expanded since Chainalysis raised its Series E financing in June 2021, the company has partnered with new types of customers including non fungible token (NFT) platforms like Dapper Labs, fintech companies like Robinhood, and traditional financial institutions like the BNY Melon, Cross River Bank, and Commonwealth Bank (CBA) in Australia. Its business grew across regions, with Asia Pacific in particular experiencing a breakout year in 2021 and more than doubling revenue and customer count.

According to the statement, Chainalysis is continuing to invest in building out its data platform to support new and enhanced risk management and business intelligence tools. Its recent enhancements include deepened data advantage; launched cross-chain graphing;expanded transaction monitoring capabilities and achieved SOC2 Type II Certification.

“Our investment in Chainalysis is a natural progression of an already meaningful and productive alliance. BNY Mellon is a leader in financial market innovation, and collaborating with established firms in the digital asset ecosystem, like Chainalysis, is a key pillar in our strategy.” said Roman Regelman, Chief Executive Officer of Securities Services and Digital for BNY Mellon.

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