Crypto Tracker Chainalysis Raises Additional Series B Funding From Ribbit Capital, Sound Venturesbr>
Blockchain analysis company Chainalysis has 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 offers crypto investigation and compliance solutions to global law enforcement agencies, regulators, and businesses as they work together to fight illicit cryptocurrency activity. Its crypto transaction monitoring tool, Chainalysis KYT, is designed to automate the assessment of money laundering risk, thereby helping cryptocurrency businesses and financial institutions to meet regulatory requirements. The tool is being used by over 180 private sector customers across 44 countries.
The latest funding, which follows a $36M raise from Accel, Benchmark, MUFG and Sozo Ventures last year, will be used to grow and deepen the company’s 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.
“Chainalysis is founded on the belief that providing data insights into cryptocurrency activity will unite government agencies, exchanges, and financial institutions to fuel the industry’s growth,” said Michael Gronager, CEO and Co-Founder of Chainalysis. “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.”
As part of its investment, Ribbit Capital General Partner Sigal Mandelker, a former Under Secretary for Terrorism and Financial Intelligence at the US Department of the Treasury, will join as an advisor to Chainalysis.
“Chainalysis has done terrific work providing blockchain analysis and tools to financial institutions, government agencies, and exchanges, while working to track, analyze, and disrupt illicit activity,” said Mandelker. “As the digital assets industry continues to evolve and grow in positive ways, I’m excited to work with the Chainalysis team to help develop public-private partnerships, enhance ground-breaking technologies in financial services, and root out illicit networks.”