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FollowingBlockchain intelligence company TRM Labs has doubled its valuation to US$2 billion
Blockchain intelligence company TRM Labs announced that its valuation has doubled to US$2 billion following an expansion in Series C funding led by Blockchain Capital. The company did not disclose the exact amount of its latest round of investments, but said its annual recurring income had increased fourfold in the past three years.
This financing expansion previously completed a US$70 million Series C round of financing in February this year, also led by Blockchain Capital. TRM provides blockchain intelligence and investigation software to more than 600 government agencies and the private sector in 75 countries.
Before the February financing round, the company was valued at US$930 million, according to data compiled by Traxcn. In that round of funding that included investors such as Citi Ventures and Galaxy, TRM broke the $1 billion valuation threshold.
TRM said its artificial intelligence-based tools are used to investigate fraud, money laundering, sanctions evasion and other forms of digital crime.
According to data from the FBI's Internet Crime Complaint Center, reported digital crime losses will be US$16 billion in 2024, rising to US$21 billion in 2025. In addition, TRM cited its "AI Adoption Index in Crime" to point out that the adoption rate of artificial intelligence technology by criminals will increase by 40% year-on-year in 2026.
The valuation increase comes about two months after the U.S. Immigration and Customs Enforcement (ICE) awarded TRM a one-year contract worth approximately $95 million to provide forensic software and support services for its Homeland Security Task Force investigations.
Later that month, competitor Chainalysis challenged the exclusive purchase decision in federal court, accusing ICE of "arbitrary, capricious and unreasonable."
