TRM Labs doubled its valuation to $2 billion on a follow-on funding round from existing investors, roughly six months after hitting unicorn status at $1 billion.
In September, the San Francisco startup closed a $70 million Series C led by Blockchain Capital. CEO Esteban Castano confirmed the new $2 billion valuation but characterized the add-on round as relatively modest in size.
Castano framed artificial intelligence as a "second growth engine" rather than a departure from core business. "Blockchain intelligence is a multi-decade business," he said. "We're building a generational company."
TRM Labs is launching a new investigations platform in November to combat AI-driven crime, targeting deepfake financial fraud, sextortion and child sexual abuse material—threats that have accelerated with AI adoption. The company has shifted toward mapping criminal networks horizontally, recognizing that illicit actors ranging from cyber hackers to wildlife poachers use crypto for financing.
Castano warned that AI amplifies criminal damage by eliminating two historical constraints: time and expertise. "Criminals can now execute at scale with minimal specialized knowledge," he said.
TRM Labs competes with Chainalysis, Elliptic, and CipherTrace (acquired by Mastercard). All three provide forensics services to law enforcement for tracing crypto transactions. Castano founded TRM Labs in 2018, initially tracking emerging chains like Ethereum and Tron that criminals adopted alongside Bitcoin. Other investors include Bessemer Venture Partners, Tiger Global Management, and Thoma Bravo.
