Blockchain Intelligence Firm Chainalysis Raises $30 Million From Accel, Others

New York-based blockchain intelligence firm Chainalysis has raised $30 million in a Series B funding round led by venture capital giant Accel, the company confirmed in a post on Feb. 12.

The fresh funding will reportedly be used to expand Chainalysis' corporate operations, which include a proprietary Know Your Customer product that allows financial institutions and digital asset trading platforms to vet and verify the identity of their clients.

The firm reports that the latest funding round was led by Accel, "With participation from existing investors."

Chainalysis reports that it also plans to open an office devoted to research and development in London, with Accel partner Philippe Botteri set to join the firm's board of directors.

In an interview with American business magazine Fortune, Chainalysis CEO Michael Gronager revealed that whereas 90 percent of the firm's revenue formerly came from clients in the law enforcement sector - who used Chainalysis' blockchain analytics tools to track illicit use of cryptocurrencies - corporate clients now comprise the lion's share of the business, at 60 percent.

Aside from diversifying research and products, Gronager told Fortune that Chainalysis was benefiting from the momentum of the burgeoning stablecoin sector.

While not disclosing financial specifics, Gronager told Fortune that Chainalysis' revenue had grown threefold since April 2018, when it raised $16 million from Benchmark Capital to increase the number of cryptocurrencies it monitors.

As reported, Chainalysis also conducts research into the blockchain sector.

This January, a report from the firm argued that two - likely still active - organized hacker groups have reportedly stolen $1 billion in cryptocurrency, accounting for the majority of funds lost in crypto-related scams.

Chainalysis' co-founder and COO, Jonathan Levin, notably declined to comment as to whether the firm had contributed to the U.S. Department of Justice investigation into the alleged use of Bitcoin to fund purported interference in the U.S. 2016 presidential elections.