US-based blockchain analysis provider Chainalysis added $13m to a series B round featuring financial services firm Mitsubishi UFJ Financial Group (MUFG) on Tuesday, increasing its size to $49m.
Venture capital firm Ribbit Capital and VC fund Sound Ventures provided the extra funding, adding to $6m from MUFG subsidiary MUFG Innovation Partners and Sozo Ventures in April 2019 and $30m from Accel and Benchmark two months earlier.
Chainalysis provides blockchain analysis to businesses, government agencies and financial exchanges through data as well as software that detects risky transactions and traces the journey of capital across different blockchains.
Although the company has not disclosed details of its valuation, Pitchbook Data suggests the 2019 tranches of the series B round were raised at a $266m valuation. Benchmark had previously led its $16m series A round in April 2018.
Michael Gronager, co-founder and chief executive of Chainalysis, said: “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.
“Ribbit Capital’s deep fintech, cryptocurrency and government experience, and Sound Ventures’ commitment to creating safer digital environments through enterprise software make them natural partners as we continue our high-growth trajectory and global expansion.”
