FinTech unicorn Chainalysis doubles its valuation in just a few months

Chainalysis, a blockchain data platform, has closed its Series E round on $100m to bring its valuation to $4.2bn, just months after it was valued at $2bn in its Series D.

The Series E round was led by Coatue, with commitments also coming from Altimeter, Blackstone, GIC, Pictet, Sequoia Heritage and SVB Capital. Previous Chainalysis backers Benchmark, Accel, Addition, Dragoneer, Durable Capital Partners and 9Yards Capital, also joined the round.

Funds from the round will be used to act on its vision on being the main blockchain data platform for cryptocurrency. This will include deepening its coverage of cryptocurrencies, focusing on emerging use cases such as DeFi. It will also launch a global intelligence function to quickly identify warning signs of potential threats and reduce time to response.

Another aspect of its growth will be collaboration tools that enable public and private sector teams to work together from the same data set.

Finally, Chainalysis will provide direct access to its data through APIs, empowering government agencies, financial institutions, and cryptocurrency exchanges to combine the data with their own information to improve decision making.

In addition to this, funds will be used for international growth.

Chainalysis provides investigations and compliance software to help government agencies and private sector businesses with the capability to detect and prevent cryptocurrency crime and money laundering.

Coatue managing partner Kris Fredrickson said, “Chainalysis’s data platform is core infrastructure which helps to create a safe and thriving cryptocurrency market.

“As cryptocurrency adoption grows, we believe that financial institutions, government agencies, and cryptocurrency businesses will increasingly deploy Chainalysis’s platform to make important decisions from figuring out the best way to dismantle the operations of a threat actor to deciding which new cryptocurrency products are likely to drive the most demand.”

This investment comes just months after Chainalysis closed its Series D on $100, which brought its valuation up to $2bn.

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