Blockchain security and analytics firm Chainalysis announced on Tuesday it raised an additional $13 million to expand its Series B round to $49 million with an investment from Ribbit Capital and Sound Ventures.
Founded in 2014, Chainalysis claims it offers cryptocurrency investigation and compliance solutions to global law enforcement agencies, regulators, and businesses as they work together to fight illicit cryptocurrency activity.
“Chainalysis is the blockchain analysis company. We provide compliance and investigation software to the world’s leading banks, businesses, and governments. Our experts in financial crime and blockchain analysis empower customers to derive insights they can act on.”
Chainalysis reported that with the funds, which follows a $36 million raise from Accel, Benchmark, MUFG and Sozo Ventures in 2019, it will grow and deepen its government relationships and further unite the public and private sectors to fuel the cryptocurrency industry’s growth through the addition of software engineers, government sales, and other business roles. Speaking about the investments, Michael Gronager, CEO and Co-Founder of Chainalysis, stated:
“Ribbit Capital’s deep fintech, cryptocurrency, and government experience and Sound Venture’s commitment to creating safer digital environments through enterprise software make them natural partners as we continue our high-growth trajectory and global expansion.”
Chainalysis added it serves as a strategic partner to financial institutions, governments, and cryptocurrency businesses around the world, providing data, software, and expertise on sophisticated cryptocurrency crime and money laundering tactics, techniques, and procedures. The company previously announced the launch of its partnership program, which will reportedly work with key infrastructure providers to “broaden” cryptocurrency transaction monitoring through integrations, distribution partners in new global markets, and data providers to strengthen Chainalysis’ crypto intelligence.