TRM Labs, a blockchain intelligence provider focused on disrupting criminal networks and countering national security threats, has closed a $70 million Series C funding round, valuing the company at $1 billion. The round was led by Blockchain Capital, which previously led TRM’s pre-seed financing in 2018, and included participation from returning investors CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Thoma Bravo, Alumni Ventures, Citi Ventures, and Brevan Howard Digital, alongside new strategic investor Galaxy Ventures.
TRM said the financing, which follows revenue growth averaging more than 150% annually over the past five years, will be used to expand its AI-driven capabilities for public- and private-sector customers as more economic activity shifts on-chain. The company said its customers include law enforcement and national security agencies in more than 50 countries, as well as private-sector institutions such as Circle, Coinbase, Cross River Bank, PayPal, Robinhood, Stripe, and Visa.
TRM positions its platform as a “defense layer” against a range of illicit actors, including ransomware groups, terrorist financiers, transnational criminal networks, and scam operators. The company said these threats are increasingly leveraging automation, programmatic money laundering, and AI-driven social engineering, creating demand for solutions that can operate at scale in high-consequence environments where accuracy, defensibility, and security are essential.
TRM said it will use the new capital to accelerate investment across three areas: hiring AI researchers, data scientists, engineers, and domain experts; advancing AI-enabled compliance tools to help institutions manage financial crime risk and streamline workflows such as alert disposition and risk exposure assessment; and building AI-powered investigation capabilities to identify and disrupt illicit activity by improving linkages between on-chain and off-chain adversarial behavior. The company said it is headquartered in San Francisco, operates as a distributed-first organization with hubs in multiple cities globally, and is hiring across functions, including applied AI, machine learning, engineering, data science, go-to-market, and operations.
KEY QUOTES
“AI is one of the most important technologies of our generation, and where it’s applied matters. At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity, and national security. This funding allows our world-class team — and the people who will join us next — to innovate alongside institutions on the front lines of the most consequential threats, and expand the potential of AI to meaningfully improve how our critical systems are protected.”
Esteban Castaño, Co-Founder and Chief Executive Officer, TRM Labs
“Esteban and Rahul have built a product and organization that sells mission-critical software to some of the world’s most selective institutions, navigating the toughest procurement processes in government and regulated finance. That combination of technical depth, strategic adaptability, and credibility with demanding buyers is rare, and we’re excited to continue backing this team.”
Spencer Bogart, General Partner, Blockchain Capital
“TRM Labs provides foundational infrastructure that enables institutions to operate distributed ledger technologies safely and efficiently. We are proud to continue supporting TRM, given their role in accelerating the responsible growth and institutionalization of digital assets.”
Mathew McDermott, Global Head of Digital Assets, Goldman Sachs
“We’re proud to double down on TRM as their world-class team continues to build upon their market leadership in blockchain intelligence. They are helping customers tackle some of the most critical challenges we face in the blockchain and AI age across public safety, national security, and financial services.”
Charles Birnbaum, Partner, Bessemer Venture Partners
