TRM Labs Doubles Valuation to $2 Billion, Expands into AI-Driven Cybercrime Investigation

TRM Labs has more than doubled its valuation to $2 billion in just seven months after raising additional funding. The San Francisco-based company announced the Series C expansion on September 9, led by Blockchain Capital, which also led the $70 million Series C in February that valued the company at $1 billion.

The capital raised was described as 'modest' by CEO Esteban Castaño, who said it came from existing investors. TRM's revenue has quadrupled over the past three years and is expected to cross $100 million within weeks, with approximately 500 employees across San Francisco, Washington, London, and Singapore.

The company competes directly with Chainalysis and Elliptic in a market that has grown alongside institutional crypto adoption, sanctions enforcement, and sophisticated digital-asset crime. TRM's customers include over 600 government agencies and private-sector institutions across 75 countries.