Blockchain intelligence firm TRM Labs has doubled its valuation to $2 billion following an expansion of its Series C funding round led by Blockchain Capital. The company did not disclose the size of the latest investment but said its annual recurring revenue has quadrupled over the past three years, according to an announcement Wednesday.
The expansion follows a $70 million Series C in February, also led by Blockchain Capital. TRM provides blockchain intelligence and investigation software used by more than 600 government agencies and private-sector institutions across 75 countries, the company said.
Prior to the February round, the company was valued at $930 million, according to data compiled by Traxcn. It breached the $1 billion valuation mark in the round that included Citi Ventures and Galaxy among the investors.
TRM said its AI-powered tools are used to investigate fraud, money laundering, sanctions evasion and other forms of digital crime.
Digital crime losses reported to the FBI’s Internet Crime Complaint Center rose to $21 billion in 2025 from $16 billion in 2024, while TRM said criminal adoption of AI has risen 40% year over year in 2026, citing its AI-in-Crime Adoption Index.
The new valuation comes about two months after US Immigration and Customs Enforcement (ICE) awarded TRM a roughly $95 million, one-year contract for forensic software and support services for Homeland Security Task Force investigations.
Rival Chainalysis challenged the sole-source award in federal court later that month, alleging ICE’s decision was “arbitrary, capricious, and unreasonable.”
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