TRM Labs doubles valuation to $2B in Series C expansion

TRM Labs announced that an expansion of its Series C funding round has doubled the company's valuation to $2 billion, with Blockchain Capital leading the latest tranche. The firm did not reveal how much was contributed in the expansion. The move follows a $70 million Series C announced in February that was also led by Blockchain Capital.

TRM said its software, which blends blockchain data analysis and investigative tools, is deployed by more than 600 government and private-sector organizations across 75 countries. The company reported that annual recurring revenue has grown fourfold in the past three years as it scales its AI-driven investigations products aimed at tracing illicit activity on blockchains.

The funding and revenue gains come amid broader shifts in the digital-crime landscape: losses reported to the FBI’s Internet Crime Complaint Center rose to $21 billion in 2025 from $16 billion in 2024, and TRM cites its own AI-in-Crime Adoption Index showing a 40% year-over-year rise in criminal use of AI in 2026. TRM markets its AI tools for probes into fraud, money laundering, sanctions evasion and other digital offenses.

The new valuation was announced roughly two months after U.S. Immigration and Customs Enforcement awarded TRM about a $95 million, one-year contract for forensic software and support for Homeland Security Task Force investigations. Rival blockchain analytics firm Chainalysis subsequently challenged the sole-source award in federal court, calling ICE’s decision "arbitrary, capricious, and unreasonable." Prior to the February financing, TRM was valued at about $930 million, and it passed the $1 billion mark in the round that included investors such as Citi Ventures and Galaxy.