Chainalysis announced they have raised $30 million that will help it expand its operations. The Series B round was led by venture capital firm, Accel. Chainalysis are well known for assisting law enforcement track criminals’ use of Bitcoin and other cryptocurrencies, they also help financial and investment firms stay on the right side of regulators. They are one of the largest contractors with the US Internal Revenue Service who use their technology to expose Bitcoin users who fail to report profits.
The amount raised is more than double the amount they raised in Series A. In an interview with the American business magazine, Fortune, Chainalysis CEO, Michael Gronager, said that last year, proceeds from law enforcement supplied 90% of the company’s business, but now it is only 40% with corporate clients providing the better part of their revenue.
New London Office Headed By Accel Executives
The new funding will allow Chainalysis to open a London office that will serve as a hub for research and development. Philippe Botteri and Amit Kumar, both from Accel, will join the company’s board of directors.
“The city is optimal for its proximity to top universities that increasingly recognize cryptocurrency as a technology poised to reshape the way people exchange value across the world,” said Mr Botteri. “The office will position us to work with the major financial institutions and cryptocurrency businesses based in that market, as well as European governments”.
Jonathan Levin, Chainalysis co-founder and COO said that the new directors will help the company’s research and development plans and expand its European presence.
“Philippe Botteri has an investing and finance background, and he is going to help us build out our European presence and ensure the operational excellence that we need to scale the company to the next level,” said Mr Levin. “Amit Kumar, who is based in San Francisco, is an engineer by trade, and he is going to help us scale up all the R&D efforts. He is going to help us think strategically about what we need to do long-term for that R&D roadmap”.