TRM Labs valuation doubles to $2 billion after Series C expansion

Blockchain intelligence company TRM Labs said its valuation has risen to $2 billion after an expansion of its Series C funding round led by Blockchain Capital. The company did not disclose the size of the new investment, but said its annual recurring revenue has quadrupled over the past three years. TRM, which provides investigation and blockchain intelligence software to more than 600 government agencies and private institutions in 75 countries, said its AI tools are used to detect fraud, money laundering, sanctions evasion, and other digital crime. The expansion follows a $70 million Series C round in February, when the company was valued at $930 million. The announcement comes after TRM also received a roughly $95 million oneyear contract from U.S. Immigration and Customs Enforcement for forensic software and support services. Rival Chainalysis later challenged that award in federal court.