TRM Labs has hit a $1 billion valuation after closing a $70 million Series C funding round amid growing demand for tools that allow national security agencies and companies to track illicit activity in crypto markets.
The new capital places TRM among the ranks of so-called crypto unicorns and comes as law enforcement agencies and financial institutions grapple with a sharp increase in crypto fraud, sanctions evasion and illicit financing, according to the company’s announcement Wednesday.
Founded in 2018, TRM provides software that traces transactions across multiple blockchains, helping customers identify suspicious activity, assess risks and support investigations. Its customers include government agencies, regulators, exchanges and financial companies that use crypto rails for payments and settlements.
TRM said it plans to use the funds to expand its product line, invest more in artificial intelligence and machine learning, and grow its global team, as criminals increasingly exploit new technologies to mask illicit flows. The company also emphasized its plans to combat AI-based scams and fraud, which 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 is applied matters,” said Esteban Castano, CEO and co-founder of TRM Labs.
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 Guards moved around $1 billion through UK-registered crypto exchanges.
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