Blockchain intelligence firm TRM Labs has doubled its reported valuation to $2 billion after closing an extension of its Series C financing on Sept. 9, 2026. The follow-on investment was raised entirely from existing backers and was led by Blockchain Capital, which had previously led the company's $70 million Series C round in February 2026.
CEO Esteban Castaño described the additional capital as “modest” in an interview with Fortune, while emphasizing that the $2 billion valuation is the central disclosed figure. TRM expects annual recurring revenue to reach $100 million “in the coming weeks,” and says ARR has quadrupled over the past three years. The company did not disclose current revenue, profitability or the exact amount raised.
TRM plans to publicly unveil an AI crime investigations platform in November, designed to help investigators examine deepfake fraud, sextortion and child sexual abuse cases. The platform will combine blockchain records with corporate information, cyber-threat intelligence, dark-web material and other data. Castaño said “AI is a second growth engine for our business, not a pivot,” adding that criminal adoption of AI has risen 40% year over year according to TRM's own index.
“In February, we led TRM's Series C. Since then, we've had a front row seat to a significant period of growth,” said Spencer Bogart, general partner at Blockchain Capital. “This latest investment reflects that growth, and our firm conviction that TRM is the AI investigations platform of the future.”
According to the company, more than 600 government agencies and private-sector institutions across 75 countries use TRM's platform to counter fraud, scams, cybercrime, money laundering and sanctions evasion. The firm has around 500 employees and offices in San Francisco, London, Singapore and Washington, D.C.
TRM's expansion comes amid a legal challenge from competitor Chainalysis over a $94.66 million sole-source contract awarded by U.S. Immigration and Customs Enforcement. The contract runs from July 1, 2026 through June 30, 2027, and the dispute is before the U.S. Court of Federal Claims. The government has not accepted Chainalysis's allegations as established facts.
