Key facts
- TRM Labs' valuation has doubled to $2 billion.
- The Series C funding round expansion was led by Blockchain Capital.
- The company's annual recurring revenue has quadrupled in the last three years.
- TRM Labs' AI-powered tools are used to investigate fraud, money laundering, and sanctions evasion.
- TRM Labs secured a roughly $95 million contract with US Immigration and Customs Enforcement.
Blockchain intelligence firm TRM Labs has doubled its valuation to $2 billion following an expansion of its Series C funding round, which was led by Blockchain Capital. The company announced on Wednesday that its annual recurring revenue has quadrupled over the past three years, coinciding with the expansion of its AI-powered investigation business.
This latest funding boost follows a $70 million Series C round in February, also led by Blockchain Capital. TRM Labs provides blockchain intelligence and investigation software utilized by over 600 government agencies and private-sector institutions across 75 countries. Prior to the February funding, the company was valued at $930 million, having surpassed the $1 billion valuation mark in that round, which included investors such as Citi Ventures and Galaxy.
TRM Labs' AI-powered tools are employed to investigate digital crimes including fraud, money laundering, and sanctions evasion. The firm cited its AI-in-Crime Adoption Index, indicating a 40% year-over-year increase in criminal AI adoption in 2026, while digital crime losses reported to the FBI's Internet Crime Complaint Center rose to $21 billion in 2025 from $16 billion in 2024.
The increased valuation comes approximately two months after US Immigration and Customs Enforcement (ICE) awarded TRM Labs a one-year contract valued at roughly $95 million for forensic software and support services. This award was subsequently challenged in federal court by rival Chainalysis, which alleged that ICE's decision was arbitrary and unreasonable.
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