Crypto analytics firm TRM Labs reaches unicorn status following $70M Blockchain Capital-led Series C
Quick Take
- Crypto crime-fighting firm TRM Labs has reached a $1 billion valuation after raising $70 million in new funding.
- TRM said it plans to use the capital to expand its blockchain analytics platform as illicit crypto activity and AI-driven fraud accelerate.
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TRM Labs has reached a $1 billion valuation after closing a $70 million Series C funding round amid growing demand for tools that help national security agencies and companies track illicit activity across crypto markets.
The new capital vaults TRM into the ranks of so-called crypto unicorns and comes as law enforcement agencies and financial institutions grapple with a sharp rise in crypto-enabled fraud, sanctions evasion, and illicit finance, according to the firm's Wednesday announcement.
Founded in 2018, TRM provides software that traces transactions across multiple blockchains, helping customers identify suspicious activity, assess risk, and support investigations. Its clients include government agencies, regulators, exchanges, and financial firms that use crypto rails for payments and settlement.
TRM said it plans to use the funds to expand its product suite, further invest in artificial intelligence and machine learning, and grow its global team, as criminals increasingly exploit new technologies to obscure illicit flows. The company also emphasized plans to combat AI-enabled scams and fraud that have become a key driver of demand for advanced blockchain intelligence. "AI is one of the most important technologies of our generation, and where it’s applied matters," TRM Labs CEO and co-founder Esteban Castano said.
Venture capital firm Blockchain Capital led the Series C with participation from CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Brevan Howard Digital, Thoma Bravo, Alumni Ventures, Citi Ventures, and Galaxy Ventures.
TRM’s profile has risen alongside a series of high-impact reports highlighting the scale of illicit crypto activity.
Recent research from the firm found that illicit actors captured nearly 3% of total crypto liquidity in 2025, while another report detailed how Iran’s Revolutionary Guard moved roughly $1 billion through UK-registered crypto exchanges.
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