TRM Labs raises $70 million in funding, achieving a valuation of $1 billion USD

TRM Labs, a blockchain analytics startup serving law enforcement agencies and global financial institutions, has successfully raised $70 million in a Series C round, valuing the company at $1 billion.

The funding round was led by Blockchain Capital, with participation from Goldman Sachs, Citi Ventures, Bessemer, Thoma Bravo, and Brevan Howard. Previously, the company had raised nearly $150 million across multiple rounds, including a $70 million round in 2023, bringing the total capital raised to approximately $220 million.

TRM Labs develops software specifically for tracing crypto transactions across various blockchains — a growing need as crimes involving digital assets become more sophisticated. The company’s clients include major government agencies such as the U.S. Internal Revenue Service (IRS), the Federal Bureau of Investigation (FBI), and several large banks. TRM is also one of the pioneers in tracking multiple types of digital assets beyond Bitcoin, giving the company an advantage as criminal networks expand their activities across different tokens and platforms.

TRM’s global investigation team includes many former federal agents who have participated in major operations dismantling darknet black markets.

The company reports a sharp increase in threats involving new technology. According to Ari Redbord, TRM’s Global Head of Policy, cases of scams and fraud involving AI have surged by 500%.

TRM also collaborates with major blockchain projects like Tron and Tether to expand its intelligence capabilities. This partnership has led to the formation of the T3 Financial Crime Unit task force, which has frozen over $300 million in assets related to illegal activities.