Blockchain intelligence company TRM Labs has doubled its valuation to $2 billion through 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 annual recurring revenue has quadrupled over the past three years.
The expansion follows a $70 million Series C announced in February, also led by Blockchain Capital. Prior to that round, TRM was valued at $930 million according to data compiled by Traxcn. The February round, which brought in investors including Citi Ventures and Galaxy, pushed the company past the $1 billion mark.
TRM provides blockchain intelligence and investigation software used by more than 600 government agencies and private-sector institutions across 75 countries. Its AI-powered tools are deployed to investigate fraud, money laundering, sanctions evasion and other forms of digital crime.
The firm cited growing demand driven by rising digital crime. Losses reported to the FBI's Internet Crime Complaint Center rose to $21 billion in 2025 from $16 billion in 2024. Criminal adoption of AI increased 40% year over year in 2026, according to TRM's AI-in-Crime Adoption Index.
The new valuation comes roughly two months after U.S. Immigration and Customs Enforcement awarded TRM a nearly $95 million one-year contract for forensic software and support services tied to Homeland Security Task Force investigations. Rival Chainalysis challenged the sole-source award in federal court, alleging ICE's decision was "arbitrary, capricious, and unreasonable."
