TRM Labs has reached a $2 billion valuation after securing additional funding from existing investors on September 9. This marks a doubling of the company's value six months after a Series C round that valued the company at $1 billion. CEO Esteban Castano described the new funding as “modest” in an interview with Fortune, emphasizing that the main indicator – is the achieved valuation. The $70 million Series C round was led by Blockchain Capital with participation from Goldman Sachs, Bessemer Venture Partners, Galaxy Ventures, Citi Ventures, and other investors. The new funding was fully secured from existing backers, although the exact amount of the investments has not been disclosed.
TRM Labs plans to expand its presence beyond blockchain analytics by launching a platform for investigations related to AI crimes in November. According to Castano, the system will assist law enforcement agencies in investigating cases of deepfake fraud, sextortion, and child sexual abuse. “AI is the second growth engine of our business, not a pivot,” – noted the CEO, highlighting the supplementary nature of the new direction. The platform will integrate blockchain data with corporate information, cyber threats, darknet materials, and other sources. The company refers to its own index, which indicates that criminal use of AI increased by 40% in 2026, although this figure remains an internal estimate rather than an independently verified industry metric. Meanwhile, Castano stated the expectation of reaching $100 million in annual recurring revenue within weeks, although current revenues, profitability, and historical growth rates have not been disclosed.
As of early September, TRM Labs employed about 500 people with offices in San Francisco, London, Singapore, and Washington. The company claims that over 600 government agencies and financial institutions in 75 countries use its analytics and AI products. The growing demand for blockchain tracing tools is occurring alongside the expansion of law enforcement investigations.