Chainalysis, a blockchain analytics company that provides cryptocurrency investigative tools to crypto exchanges and government agencies, is reportedly all set to initiate a Series C funding round. In this funding round, the crypto investigation company is expected to raise an amount of $100 million at a valuation of $1 billion. The firm aims to raise this amount as soon as the next week.
New Venture Capital Firm Addition to Lead the Funding Round
Rumors regarding this funding round have been spreading in the cryptocurrency community days before the announcement of Chainalysis. Now, as reported by Forbes on Friday, the firm has exclusively revealed that it is planning on raising $100 million in venture capital funds. As soon as the funding is completed, Chainalysis will achieve the status of a cryptocurrency unicorn. Prior to Chainalysis, only a small number of digital currency firms in the industry have marked a valuation of over $1 billion.
The Series C funding round will be led by Addition, a newly-established venture capital firm founded by Tiger Global alum Lee Fixel. Forbes reported that various other firms including Ribbit, Accel, and Benchmark are also expected to participate in this round. Reportedly, these investors have already participated in the previous rounds of Chainalysis.
Regarding the initiation of the round, the firm said that it is expected to start very soon as all of the counterparties have signed for this funding round. And now, the firm said, it is waiting for the final paperwork to be done.
This funding round will be taking place as an extension to the Series B funding round which occurred only four months ago. Series B brought the firm’s total amount of investments to approximately $166 million.
Chainalysis intends to double its staff
Chainalysis is planning on expanding its staff by next year, as a part of this investment. It plans to hire more people across the areas of sales and marketing, international policy, and research and development. Currently, the firm has around 200 employees working for it.
The cryptocurrency investigation firm provides its investigative tools and services to cryptocurrency exchanges, private institutions, and governments as well. It has a total of 350 customers. Recently, the firm helped the United States Department of Justice in seizing more than $1 billion worth of Bitcoin.