GIC participates in cryptocurrency-data player Chainalysis’ US$100M Series E fundraising round

U.S. five dollar currency notes bills; taken September 2018.U.S. five dollar currency notes bills; taken September 2018.

Chainalysis, which develops cryptocurrency investigation and compliance software, raised US$100 million in a series E financing round led by Coatue, with Singapore sovereign wealth fund GIC among the previous investors participating, the company said in a press release Thursday.

Previous investors Benchmark, Accel, Addition, Dragoneer, Durable Capital Partners, and 9Yards Capital increased their investment in the company, while Altimeter, Blackstone, GIC, Pictet, Sequoia Heritage, and SVB Capital also participated, the statement said.

The round brought US-based Chainalysis’ valuation to US$4.2 billion, the statement said.

Chainalysis has raised a total of US$366.6 million across nine funding rounds, with a total of 26 investors, according to Crunchbase data. The company raised US$100 million in a series D round in March 2021.

The company’s software lets government agencies and private sector businesses detect and prevent cryptocurrency crime and money laundering, with its data collection tying real-world entities to blockchain transactions.

The funding is earmarked to expand the data collection to more cryptocurrencies and for more use-cases, such as identifying threats more quickly, to develop collaboration software and to build APIs for accessing Chainalysis’ data, the statement said.

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