Written by Nate Kostarstaff writerReviewed by Robert Lakinstaff editor

Written by Nate Kostarstaff writer

Reviewed by Robert Lakinstaff editor

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

Latest NewsPublishedSep 9, 2026

The blockchain intelligence firm stated its annual recurring revenue has quadrupled over the past three years as it expands its AI-powered investigations business.

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 stated its annual recurring revenue has quadrupled over the past three years, as reported by 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 stated.

Prior to the February round, the company was valued at $930 million, as reported by data compiled by Traxcn. It breached the $1 billion valuation mark in the round that included Citi Ventures and Galaxy among the investors.

TRM stated 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 stated 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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• Venture Capital
• Fraud
• Money Laundering
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