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BTC 
ETH TRM Labs completes strategic Series C funding with a valuation of US$2 billion.
TRM Labs, a San Francisco-based AI research firm, announced a strategic Series C expansion on September 9. The transaction values the company to US$2 billion. According to the company's announcement, this round of financing was led by Blockchain Capital, which doubled the company's valuation compared with the Series C financing in February this year. The specific scale of this expansion was not disclosed.
TRM said its annual recurring income has increased fourfold in the past three years. The company attributes this trend to growing demand for tools that can help investigators track illegal activity on cryptocurrencies and other digital channels. The company sees the investment as a key step to expand its native AI investigation platform into high-risk environments where accuracy and auditability are extremely demanding.
Blockchain Capital led the round of financing
"In February this year, we led the Series C financing of TRM. Since then, we have witnessed a period of significant growth up close,"said Spencer Bogart, general partner at Blockchain Capital. "The latest investment reflects this growth trend and our firm belief that TRM will become a future AI investigation platform."
Blockchain Capital also led the company's early Series C funding round in February, so the latest round is an extension of existing support rather than the introduction of new investor relations.
AI is accelerating the evolution of digital crime
The investment comes at a time when digital crime losses are climbing. TRM cited data from the Federal Bureau of Investigation (FBI) as stating that losses recorded by its Internet Crime Complaint Center (IC3) reached $16 billion in 2024 and further increased to $21 billion in 2025. In addition, according to TRM's "AI Crime Adoption Index", the proportion of criminals adopting AI technology increased by 40% year-on-year.
The company believes that investigators must now sift through fragmented data covering hundreds of threat categories, and tasks are areas that its native AI software is designed to address. The platform is designed to help investigators turn intelligence into action, achieving disruptive strikes by warning potential targets, freezing illicit funds and disrupting criminal networks.
Large-scale development and next steps
According to the company, more than 600 government agencies and private sector institutions in 75 countries around the world currently use TRM's platform to deal with issues such as fraud, fraud, cybercrime, money laundering and sanctions evasion. Co-founder and CEO Esteban Castaño said TRM is building tools that will allow investigators to fight complex criminal networks at an "AI scale."
TRM said that as the platform continues to expand, the company is recruiting AI researchers, data scientists and engineers. The company did not disclose the specific amount of newly raised capital or the deployment schedule.
