TRM Labs, a blockchain analytics startup used by global law enforcement and financial firms, has raised $70 million in a new round of funding, bringing its valuation to $1 billion.
According to Fortune, the Series C round was led by Blockchain Capital, with participation from Goldman Sachs, Citi Ventures, Bessemer, Thoma Bravo and Brevan Howard. The company has raised nearly $150 million to date and has raised another $70 million in 2023, among other smaller funding rounds, according to TheTie. This brings the total funding raised to $220 million.
The company’s software helps track cryptocurrency transactions across multiple blockchains, a service that is increasingly in demand as crypto crimes become more sophisticated.
TRM’s clients include major government agencies, including the IRS and FBI, as well as major banks. It is the first to track not just Bitcoin, but various other cryptocurrencies, a decision that sets it apart from its competitors. This advantage becomes even more valuable as criminal networks diversify their use of tokens and platforms.
TRM’s global investigative team includes former federal agents, including veterans of cases such as those involved in taking down dark web markets.
The company expects future growth given the increasing sophistication of threats in the cryptocurrency space. Ari Redbord, TRM’s global head of policy, said the company has seen a 500% increase in “the use of artificial intelligence in scams and fraud.”
TRM also partners with leading blockchain projects such as Tron and Tether to extend its intelligence. The collaboration established the T3 Financial Crimes Unit Task Force and froze more than $300 million in tainted assets.
