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

This funding milestone comes directly on the heels of a $70 million Series C funding round finalized in February, which was also spearheaded by Blockchain Capital. TRM develops sophisticated blockchain intelligence and investigation software that is currently utilized by more than 600 government agencies and private-sector institutions distributed across 75 countries worldwide, the company said in its announcement.

Prior to the closing of the February funding round, external financial data compiled by Traxcn indicated that the firm held a valuation of approximately $930 million. The company successfully crossed the coveted $1 billion valuation threshold during a previous funding round that notably featured participation from prominent institutional players such as Citi Ventures and Galaxy.

TRM emphasizes that its advanced, artificial intelligence-powered tools are deployed extensively to investigate a wide array of illicit digital activities, including financial fraud, money laundering, sanctions evasion, and other increasingly complex forms of digital crime.

The importance of such investigative technologies has grown in tandem with the rising scale of global financial offenses. Digital crime losses reported directly to the Federal Bureau of Investigation’s Internet Crime Complaint Center surged significantly, climbing to $21 billion in 2025 compared to $16 billion in the previous year. Furthermore, TRM’s proprietary AI-in-Crime Adoption Index indicates that the criminal adoption of artificial intelligence tools has risen by 40% year over year in 2026, highlighting an escalating technological arms race between malicious actors and cybersecurity defenders.

This newly minted $2 billion valuation arrives roughly two months after a major public sector win for the firm. United States Immigration and Customs Enforcement awarded TRM a substantial, one-year contract valued at approximately $95 million. The agreement covers the provision of specialized forensic software and ongoing support services designed to bolster Homeland Security Task Force investigations.

However, the lucrative government contract has not gone uncontested within the industry. Rival blockchain analytics firm Chainalysis challenged the sole-source award in federal court later that same month. In its legal filing, Chainalysis alleged that the decision made by ICE to award the contract directly to TRM was arbitrary, capricious, and unreasonable.

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