Blockchain analytics firm Chainalysis adds $13 million to its Series B funding round

Quick Take

  • Chainalysis has raised fresh $13 million from Ribbit Capital and Sound Ventures
  • Ribbit Capital general partner and former Treasury official Sigal Mandelker has joined Chainalysis as an advisor
  • Chainalysis co-founder and CEO Michael Gronager told The Block: “We extended our Series B in order to meet demand for our services, primarily from government customers”

Blockchain analytics firm Chainalysis is "doubling down" on its government business. To that end, the company has raised $13 million as part of an expanded Series B round and added a former U.S. Treasury official as an advisor.

The fresh dollars have been injected by Ribbit Capital and actor-turned-investor Ashton Kutcher's Sound Ventures.

"We extended our Series B in order to meet demand for our services, primarily from government customers," Michael Gronager, co-founder and CEO of Chainalysis, told The Block. "Government agencies understand that visibility into cryptocurrency is important to national security and that crypto crime does not let up during a pandemic. Importantly, this also has long-term benefits to the cryptocurrency industry." Chainalysis has previously raised $36 million in its Series B round.

As part of today's round, Ribbit Capital's general partner and former undersecretary for terrorism and financial intelligence at the U.S. Department of the Treasury, Sigal Mandelker, has joined Chainalysis as an advisor.

Mandelker said Chainalysis has done "terrific" work providing blockchain analysis and tools to financial institutions and government agencies and that she is "excited to work with the Chainalysis team to help develop public-private partnerships, enhance ground-breaking technologies in financial services, and root out illicit networks."

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