TRM Labs hits $2 billion valuation
The blockchain intelligence firm expanded its Series C round, doubling its valuation to $2 billion after quadrupling annual recurring revenue.
TRM Labs has doubled its valuation to $2 billion. The company expanded its Series C funding round led by Blockchain Capital. Annual recurring revenue quadrupled over the past three years. The firm did not disclose the size of the latest investment. This expansion follows a $70 million round in February. That earlier round also led by Blockchain Capital valued the company at $1 billion.
TRM serves over 600 government agencies and private institutions. Its clients operate across 75 countries. The software tracks fraud, money laundering, and sanctions evasion. Cointelegraph reports the firm uses AI-powered tools for these investigations. Criminal adoption of AI rose 40 percent year over year in 2026. This data comes from the TRM AI-in-Crime Adoption Index.
Digital crime losses surge
Reported digital crime losses reached $21 billion in 2025. This figure rose from $16 billion in 2024. The data comes from the FBI Internet Crime Complaint Center. These rising losses drive demand for forensic software. TRM states its tools help identify illicit flows. The company positions its AI capabilities as a response to evolving threats.
Federal contract dispute ongoing
US Immigration and Customs Enforcement awarded TRM a contract. The value is approximately $95 million. The term is one year. The contract covers forensic software and support services. It supports Homeland Security Task Force investigations. The award occurred two months before the latest valuation update.
Rival Chainalysis challenged the award in federal court. The complaint alleged the decision was arbitrary. It also called the process capricious and unreasonable. The lawsuit seeks to overturn the sole-source selection. This dispute highlights competition in the sector. Legal outcomes may impact future government procurement.
Investor confidence remains strong
Citi Ventures and Galaxy participated in the February round. The company was valued at $930 million before that. It crossed the $1 billion mark during the expansion. The current $2 billion valuation reflects sustained growth. Revenue metrics underpin this financial milestone. Market participants view the sector as expanding.
