Chainalysis, a US-based blockchain data software producer backed by financial services firm Mitsubishi UFJ Financial Group (MUFG), received $100m in series C funding on Monday.
The round was led by Addition and included fellow venture capital firms Accel, Benchmark and Ribbit Capital. The capital was raised at a valuation over $1bn.
Founded in 2014, Chainalysis provides software that performs data analysis to help prevent organised cryptocurrency crime such as money laundering to governments in more than 30 countries as well as private-sector businesses like banks and cryptocurrency markets.
Digital assets including bitcoin are considered vulnerable owing to the nature of blockchain-based transactions, which typically remain anonymous unless the exchange specifically checks them by verifying each user’s details.
The series C capital will go to international growth as Chainalysis looks to help agencies and companies probe cryptocurrencies and markets more effectively.
The company increased its series B round to $49m in July this year after Ribbit Capital and Sound Ventures invested $13m on top of earlier capital from MUFG subsidiary MUFG Innovation Partners, Sozo Ventures, Accel and Benchmark. It came on the heels of a $16m series A led by Benchmark in April 2018.
Michael Gronager, co-founder and chief executive of Chainalysis, said: “Government agencies and the private sector need the right data, tools and insights to responsibly oversee and participate in the cryptocurrency economy.
“We have established a network of government agencies in over 30 countries and more than 250 of the most important businesses around the world who are making it safer and easier for consumers and businesses to transact, fundamentally changing the way money works.”