TRM Labs achieves $2B valuation milestone with expanded Series C round
The company specializing in blockchain intelligence reports its annual recurring revenue grew fourfold in three years amid expansion of artificial intelligence-driven investigation services.
In a significant expansion of its Series C funding round spearheaded by Blockchain Capital, blockchain intelligence company TRM Labs has reached a $2 billion valuation—effectively doubling its previous worth. While the precise amount of the additional capital injection remains undisclosed, the firm reported that its annual recurring revenue has grown by a factor of four during the last three years, as revealed in a Wednesday statement.
This latest funding expansion builds upon a $70 million Series C round completed in February, which was similarly led by Blockchain Capital. The company delivers blockchain intelligence and investigative software solutions to a client base exceeding 600 government agencies and private sector organizations operating throughout 75 countries worldwide, according to company statements.
Data aggregated by Traxcn indicates that before the February funding round, TRM Labs carried a valuation of $930 million. The company crossed the $1 billion threshold during that round, which saw participation from notable investors including Citi Ventures and Galaxy.
According to TRM, its artificial intelligence-enhanced platforms are deployed for investigating fraudulent activities, money laundering operations, sanctions violations, and various other categories of digital criminal activity.
Losses stemming from digital crimes as documented by the FBI's Internet Crime Complaint Center climbed to $21 billion in 2025 compared to $16 billion recorded in 2024, while TRM reported that criminal utilization of artificial intelligence has surged 40% on a year-over-year basis in 2026, referencing its proprietary AI-in-Crime Adoption Index.
This updated valuation arrives approximately two months following the US Immigration and Customs Enforcement (ICE) agency's decision to grant TRM a contract valued at roughly $95 million for a one-year period, covering forensic software solutions and support services dedicated to Homeland Security Task Force investigations.
Competitor Chainalysis subsequently contested the sole-source contract award through federal court proceedings later during the same month, asserting that ICE's determination was "arbitrary, capricious, and unreasonable."