Chainalysis Inc., which provides data about the cryptocurrency ecosystem to organizations such as government agencies and banks, has closed a $170 million funding round that values it at $8.6 billion.

Chainalysis announced the funding round today. Singapore’s GIC sovereign wealth fund was the lead investor, while Accel, Blackstone, Dragoneer, FundersClub, the Bank of New York Mellon and Emergence Capital participated as well. The round, which was first reported by The Information on Tuesday, brings the startup’s total outside funding to $536 million. 

New York-based Chainalysis tracks about $1 trillion worth of cryptocurrency transactions every month. The startup makes the data that it collects available to customers through several products, each of which focuses on a different set of use cases. Chainalysis says its products are used by government agencies, financial institutions, cybersecurity companies and other organizations in more than 70 countries.  

One of the startup’s offerings is Chainalysis Reactor, which helps organizations investigate cryptocurrency fraud. The software makes it possible to map out who controls what cryptocurrency assets and monitor the flow of funds. Chainalysis Reactor visualizes transactions in graphs to help users more easily find patterns.

For investors, the startup offers a product called Chainalysis Market Intel. The product provides access to market data about cryptocurrencies that organizations can use to inform their investment decisions.  Another Chainalysis offering, Chainalysis Business Data, helps cryptocurrency companies track business metrics such as how many transactions their users carry out in a given week.

Over the past year, Chainalysis has grown its customer base by 75%, to more than 750 organizations. The startup is experiencing particularly strong momentum in the private sector, where its customer count doubled over the past 12 months. Meanwhile, the number of organizations that spend more than $100,000 annually on Chainalysis’ solutions grew 75%, to 150.

The rapid growth of the startup’s customer base is likely one of the key factors behind its new $8.6 billion valuation. Chainalysis is worth more than twice as much as a year ago, when it closed its previous $100 million funding round. According to the startup, it’s now the largest enterprise software-as-a-service provider in the cryptocurrency industry.

“Over the past year, the cryptocurrency industry crossed into the mainstream with financial institutions entering the space and new technologies like NFTs disrupting traditional markets,” said Chainalysis co-founder and Chief Executive Officer Michael Gronager. “Our partners at GIC understand the power of Chainalysis’ data platform and customer network, the strength of our team of leaders, and the market opportunity before us.”

Chainalysis will use its new funding to grow its headcount. The startup is currently hiring for about 370 positions after more than doubling its workforce to 700 employees over the past year. Additionally, Chainalysis plans to accelerate product development initiatives. 

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