Blockchain intelligence company TRM Labs has doubled its valuation to $2 billion following an expansion of its Series C funding round. The additional investment, led by Blockchain Capital, comes from existing backers and builds on a $70 million Series C completed in February that had valued the firm at approximately $1 billion.

TRM did not disclose the size of the latest capital infusion. Chief Executive Esteban Castaño described the follow-on investment as modest. Prior to the February round, the company’s valuation stood at $930 million according to available data. Investors in the earlier Series C included Citi Ventures and Galaxy alongside Blockchain Capital.

Revenue Growth and Customer Base

TRM reported that its annual recurring revenue has quadrupled over the past three years and is on track to surpass $100 million in the coming weeks. The company provides blockchain intelligence and investigation software used by more than 600 government agencies and private-sector organizations across 75 countries.

Its AI-powered tools support probes into fraud, money laundering, sanctions evasion and other forms of digital crime. TRM linked growing demand to broader trends in online crime, noting that losses reported to the FBI’s Internet Crime Complaint Center rose to $21 billion in 2025 from $16 billion in 2024. The firm also cited its own AI-in-Crime Adoption Index, which showed a 40 percent year-over-year increase in criminal adoption of AI in 2026.

Expansion Into AI Investigations

TRM plans to launch a new AI investigations platform in November. The system is designed to help investigators address fraud, deepfakes, sextortion and child sexual abuse material cases by combining blockchain records with corporate data, cyber-threat intelligence and other sources. Castaño characterized the AI effort as a second growth engine rather than a shift away from the company’s core blockchain analytics business.

The firm employs around 500 people and maintains offices in San Francisco, London, Singapore and Washington, D.C.

Government Contract Under Legal Challenge

The valuation update arrives roughly two months after U.S. Immigration and Customs Enforcement awarded TRM a roughly $95 million one-year contract for forensic software and support services tied to Homeland Security Task Force investigations. The deal, valued more precisely at $94.66 million in procurement records and running through June 2027, has drawn a legal challenge from rival Chainalysis.

Chainalysis filed suit in the U.S. Court of Federal Claims, arguing that the sole-source award was arbitrary, capricious and unreasonable. TRM has intervened to defend the contract. Oral arguments took place on September 2, with a ruling requested by September 10; no decision had been issued at the time of the funding announcement.

Neither TRM nor ICE has commented publicly on the litigation. The outcome could affect future government procurement and contract renewals in the blockchain intelligence sector.