New York-based blockchain intelligence company Chainalysis has raised $30 million in a Series B funding round led by venture capital giant Accel. The news was confirmed in a blog post on Chainalysis’ site earlier today.
According to the post, the round was led by Accel “with participation from existing investors,” which could include Benchmark, Techstars, and FundersClub. Generally, it is seen as a positive sign when early investors continue to put their money into a company as it grows. Accel, for their part, has made early investments in dozens of companies, including Series A funding in Facebook and Dropbox, and seed funding of Slack and Birchbox.
Chainalysis stated that while they already have employees stationed in London, it plans to “double [its] headcount” in the city and open an office solely devoted to research and development. Additionally, Accel partner Philippe Botteri, who is based in London, will join Chainalysis’ board.
Last April, Chainalysis raised $16 million in Series A funding. Since that time, they have grown to support 17 of the top 20 coins, deployed a real-time anti-money laundering and compliance solution for cryptocurrencies, and have tracked billions of dollars worth of stolen funds. Among the company’s products are Chainalysis Reactor, which “helps law enforcement and financial institutions identify bad actors who are using cryptocurrencies for illicit activity” and Chainalysis KTY (Know Your Transaction), is “an automated way to assess money laundering risk so [businesses] can meet regulatory requirements and maintain relationships with key stakeholders.”
The firm, which also conducts research into the blockchain space, made the case last month that two still-active hacker groups have stolen about $1 billion worth of crypto. This accounts for most of the cryptocurrency funds that have been stolen in the space’s history. If Chainalysis is able to prevent this type of scammer activity going forward, it would be an enormous boon to the crypto sector on the whole.