TRM Labs raised US$70 million in Series C funding, valuing the company at US$1 billion as demand grows for blockchain analytics used in financial crime detection.
The round was led by Blockchain Capital, with participation from returning investors including Goldman Sachs, Bessemer Venture Partners, Citi Ventures, DRW Venture Capital, Y Combinator, Thoma Bravo, Alumni Ventures, Brevan Howard Digital, and CMT Digital. Galaxy Ventures joined as a new strategic investor.
TRM said the funding follows average annual revenue growth of more than 150 percent over the past five years.
Its tools are used by law enforcement and national security agencies in more than 50 countries, as well as financial institutions and cryptocurrency firms such as Circle, Coinbase, Cross River Bank, PayPal, Robinhood, Stripe, and Visa.
As more financial activity shifts onto blockchain networks, TRM’s platform is used to trace transactions and identify illicit activity linked to fraud, ransomware, terrorism financing, scam operations, and programmatic money laundering.
The company said criminal groups are increasingly using automation and artificial intelligence to scale these activities.
The funding will be used to expand TRM’s workforce, including AI researchers, data scientists, engineers, and investigative specialists, and to further develop AI-enabled compliance and investigation tools.
“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.”
said Esteban Castaño, co-founder and CEO of TRM Labs.
TRM is headquartered in San Francisco and operates as a distributed-first company, with teams based in New York, Washington DC, Los Angeles, London, and Singapore.
Featured image: Edited by Fintech News Singapore, based on image by mangpor2004 via Freepik
