TRM Labs Valuation Doubled to $2B Amid Expanded Series C Funding

TRM Labs has doubled its valuation to $2 billion following an expansion of its Series C funding round led by Blockchain Capital. The company's annual recurring revenue has quadrupled over the past three years, according to a recent announcement.

The latest investment was part of a larger expansion of TRM's Series C funding round, which was initially disclosed in February with a valuation of $930 million. This new valuation comes after a roughly $95 million contract was awarded to TRM by US Immigration and Customs Enforcement (ICE) for forensic software and support services for Homeland Security Task Force investigations.

TRM Labs provides blockchain intelligence and investigation software used by over 600 government agencies and private-sector institutions across 75 countries. Its AI-powered tools are used to investigate fraud, money laundering, sanctions evasion, and other forms of digital crime. The company cited its own data in a report that showed criminal adoption of AI has risen 40% year over year in 2026.