TRM Labs, a company building AI solutions to disrupt criminal networks and counter national security threats, has secured fresh growth capital of $70m.
The company has closed a $70m Series C funding round, valuing the business at $1bn. The round was led by Blockchain Capital, which previously backed the company at pre-seed stage in 2018, alongside returning investors CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Thoma Bravo, Alumni Ventures, Citi Ventures and Brevan Howard Digital. Galaxy Ventures joined the round as a new strategic investor.
Founded to address the growing risks associated with on-chain financial activity, TRM Labs provides blockchain intelligence software used by public- and private-sector institutions to identify, investigate and disrupt illicit activity. Its platform is designed to help organisations track and analyse blockchain transactions linked to ransomware groups, terrorist financing, transnational organised crime and large-scale fraud operations.
The company’s tools are used by law enforcement and national security agencies in more than 50 countries, as well as private-sector organisations including Circle, Coinbase, Cross River Bank, PayPal, Robinhood, Stripe and Visa. TRM said revenue growth has averaged more than 150% annually over the past five years, reflecting rising demand for blockchain intelligence as more economic activity moves on-chain.
TRM plans to use the new funding to accelerate investment across three core areas. This includes expanding its team of AI researchers, data scientists and engineers, advancing AI-enabled compliance tools that improve the efficiency of financial crime operations, and strengthening AI-powered investigative capabilities that link on-chain and off-chain activity to disrupt criminal networks more effectively.
The company said the investment comes at a time when illicit actors are increasingly using automation, programmatic money laundering and AI-driven social engineering techniques to scale their operations, raising the stakes for institutions operating in what it describes as “high-consequence environments” where accuracy and defensibility are critical.
TRM Labs co-founder and CEO Esteban Castaño said, “AI is one of the most important technologies of our generation, and where it’s applied matters. At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity, and national security. This funding allows our world-class team — and the people who will join us next — to innovate alongside institutions on the front lines of the most consequential threats, and expand the potential of AI to meaningfully improve how our critical systems are protected.”
Blockchain Capital general partner Spencer Bogart said, “Esteban and Rahul have built a product and organization that sells mission-critical software to some of the world’s most selective institutions, navigating the toughest procurement processes in government and regulated finance. That combination of technical depth, strategic adaptability, and credibility with demanding buyers is rare, and we’re excited to continue backing this team.”
Bessemer Venture Partners partner Charles Birnbaum said, “We’re proud to double down on TRM as their world-class team continues to build upon their market leadership in blockchain intelligence. They are helping customers tackle some of the most critical challenges we face in the blockchain and AI age across public safety, national security, and financial services.”
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