TRM Labs Doubles Valuation to $2B in Series C Expansion Amid AI Crime Boom

Blockchain intelligence firm TRM Labs has doubled its valuation to $2 billion following an expansion of its Series C funding round led by Blockchain Capital. The company did not disclose the size of the latest investment but reported that its annual recurring revenue has quadrupled over the past three years. The expansion follows a $70 million Series C round in February, also led by Blockchain Capital, which included Citi Ventures and Galaxy among its investors and pushed TRM past the $1 billion unicorn threshold for the first time.

TRM provides blockchain intelligence and investigation software used by more than 600 government agencies and private-sector institutions across 75 countries. Its AI-powered tools are designed to investigate fraud, money laundering, sanctions evasion, and other forms of digital crime. The company is capitalizing on surging demand: digital crime losses reported to the FBI's Internet Crime Complaint Center climbed to $21 billion in 2025 from $16 billion in 2024, while TRM's own AI-in-Crime Adoption Index reports a 40% year-over-year increase in criminal use of AI in 2026.

The fresh valuation comes roughly two months after U.S. Immigration and Customs Enforcement (ICE) awarded TRM a approximately $95 million, one-year contract for forensic software and support services supporting Homeland Security Task Force investigations. Rival Chainalysis subsequently challenged the sole-source award in federal court, alleging ICE's decision was "arbitrary, capricious, and unreasonable." Prior to its February round, TRM was valued at $930 million, according to data compiled by Traxcn, underscoring how rapidly the blockchain intelligence sector has matured as regulators and law enforcement agencies increasingly rely on specialized analytics platforms to combat digital crime.