Cryptocurrency crimefighter, Analysis has raised $100 million in a Series D round that values it at $2 billion. The private valuation comes barely four months after the NY company attained the ‘unicorn’ title for the first time when it collected $100 million in a Series C financing back in November.
Behind the latest cash injection was Paradigm, a crypto-focused investment firm based in San Francisco. It was also joined by previous investRabbitbbit and Addition, a new venture capital firm led by Fixedixel, a former top investor at Tiger Global Management.
Analysis also raised an additional $13 million in July 2020 to expand the company’s Series B round to $49 million. The company has initially nabbed a $30 million investment in February 2019, led by venture firm Accel, a growth-stage venture capital firm, then raised a further $6 million from two major Japanese investors in April.
“Paradigm is passionate about investing in companies that enable the future of money. Analysis provides key data infrastructure and software for the cryptocurrency ecosystem, and as cryptocurrency adoption grows, so will demand for Analysis offerings, ” ENSAMred Ehrsam, Co-founder at Paradigm.
The 75-person startup, which has offices in New York, Washington DC and Copenhagen, provides financial institutions, cryptocurrency exchanges and law enforcement with a platform to detect and investigate cryptocurrency money laundering, fraud and compliance violations.
Additionally, Analysis is selling its bitcoin-tracing technology and compliance software to banks and brokers to monitor and link digital identities to cryptocurrencies.
The blockchain intelligence platform said last month it has grown the number of its customers by 65 percent over a yearly basis thanks to higher demand on its investigative technology from public sector agencies. Without revealing the exact figures, the crypto tracer also stated that it had doubled its quarterly revenues during the July-September period.
US authorities disclosed that theAnalysis Analysis investigative assistance to seize more than $1 billion worth of bitcoin associated with Silk Road, the shady dark web marketplace that it took offline in 2013.
The Department of Justice (DOJ) said it was assisted in seizing the Analysis Analysis to identify and investigate the cryptocurrency wallets used in that case. The department estimates that Silk Road generated around 600,000 Bitcoins in commissions for facilitating narcotics sales of illegal drugs, weapons and other nefarious goods.