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Chainalysis has added an additional $ 100 million in venture capital as crypto’s role in ransomware becomes a dominant concern.
The company announced Thursday that the Series E funding round is being led by Coatue Management and takes its valuation to $ 4.2 billion. Chainalysis also raised $ 100 million in a Series D funding round that was announced in March.
The March cycle, led by Fred Ehrsam’s Paradigm, valued the blockchain tracking company at $ 2 billion.
Chainalysis’s new funding round is the latest in a trio of funding announcements in what is suddenly a high-profile corner of the crypto world.
Companies like Chainalysis, CipherTrace, Elliptic, TRM Labs, and Blocktrace help banks and law enforcement track illicit funds flowing through public blockchains. Thanks to this so-called blockchain analysis, US authorities were able to seize much of the bitcoin paid by Colonial Pipeline as a ransom to hacking group DarkSide.
Headlines like this have been a boon to recent fundraising efforts.
CipherTrace raised $ 27 million, CoinDesk reported Tuesday, and TRM Labs grossed $ 14 million last week.
Chainalysis may be the leader of the pack in terms of stature, and it certainly is in terms of capital raised: the company said the latest round brought its total funding to $ 365 million.
“The future of finance and national security will be based on blockchain data-driven decisions,” Chainalysis CEO and co-founder Michael Gronager said in the press release. “We have harnessed the transparency of blockchains to deliver actionable insights into markets, threats and business opportunities. “
Chainalysis is recruiting for “hundreds of new positions,” according to Thursday’s announcement.
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