Crypto analytics firm TRM Labs has achieved a $1 billion valuation following a $70 million Series C funding round led by Blockchain Capital. The investment comes amid rising demand for tools to combat illicit crypto activities and AI-driven fraud. Founded in 2018, the company provides blockchain transaction tracing software to governments and financial institutions.
TRM Labs, a startup focused on fighting crypto crime, announced on Wednesday that it has closed a $70 million Series C funding round, propelling its valuation to $1 billion and earning it unicorn status. The round was led by venture capital firm Blockchain Capital, with participation from investors including CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Brevan Howard Digital, Thoma Bravo, Alumni Ventures, Citi Ventures, and Galaxy Ventures.
Established in 2018, TRM Labs offers software that traces transactions across multiple blockchains, enabling clients such as government agencies, regulators, cryptocurrency exchanges, and financial firms to detect suspicious activities, assess risks, and aid investigations. The firm highlighted the growing challenges posed by crypto-enabled fraud, sanctions evasion, and illicit finance, which have intensified the need for advanced analytics.
Proceeds from the funding will support expansion of its blockchain analytics platform, further development in artificial intelligence and machine learning, and growth of its global team. TRM Labs emphasized efforts to counter AI-enabled scams, which are driving demand for sophisticated intelligence tools. "AI is one of the most important technologies of our generation, and where it’s applied matters," said Esteban Castano, CEO and co-founder of TRM Labs.
The company's prominence has grown through reports on illicit crypto flows. Recent research indicated that illicit actors captured nearly 3% of total crypto liquidity in 2025, while another study revealed that Iran's Revolutionary Guard moved roughly $1 billion through UK-registered crypto exchanges.
