New York-based cryptocurrency startup Chainalysis is set to raise US$100 million in a Series C round, according to a Forbes report, that values it at US$ 1 billion on Friday, 20th November 2020. The private valuation means the company will finally attain the unicorn title after six years from the launch of its operations.
Addition, a new venture capital firm headed by Lee Fixel, a former top investor at Tiger Global Management led this latest cash injection and joined by previous investors Accel, Benchmark, and Ribbit.
The new investment comes hardly four months after the company raised an additional US$ 13 million to increase the company’s Series B round to US$ 49 million. It had originally captured a US$ 30 million investment in February 2019, led by Accel then raised an additional US$ 6 million from two significant Japanese investors in April.
Forbes says the firms have already signed on the deal and the final paperwork would be completed next week and its revenue is set to double in 2021, and again in 2022.
The company has been effective in bringing down all sorts of blockchain criminals, from money launders to terrorists. It often works with government agencies like the US Air Force, where it reportedly shelled out $800k for its services and has also worked with private companies like the digital payment giant Square.
Chainalysis announced a new program last week to help governments manage their stores of legally-seized cryptocurrency, like the stash of US$ 1 billion worth of Bitcoin connected to dark web marketplace Silk Road. It has also hinted at plans to acquire another security firm in the near future and said that even though the company isn’t exactly earning money right now, it’s on the edge of profitability.
What Chainalysis has to say
“We think that the timing, the market, and the maturity of the crypto space will offer some consolidation, where there might be some inorganic growth that might be on the table,” said Chainalysis CEO and co-founder Michael Gronager.
About Chainalysis
Chainalysis is a 75-person startup, with offices in New York, Washington DC, and Copenhagen, provides financial institutions, cryptocurrency exchanges and law enforcement a platform to detect and investigate cryptocurrency money laundering, fraud, and compliance violations. It was founded by Jan Moller, Jonathan Levin and Michael Granger in 2014.
About Addition
Addition is a venture capital which invests in early and growth-stage companies around the world. It was founded by Lee Fixel with a mission to support visionary entrepreneurs on their journey to build impactful and enduring businesses. It is headquartered in New York, USA.
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