TRM Labs Hits $2 Billion Valuation With AI Crime Bet

TRM Labs Hits $2 Billion Valuation With AI Crime Bet

Wed, September 9, 2026 at 9:30 PM GMT+3 2 min read

TRM Labs has doubled its valuation to $2 billion as the San Francisco blockchain analytics company expands beyond tracking crypto-related crime and moves deeper into artificial intelligence.

The company raised a $70 million Series C round in September at a $1 billion valuation. Six months later, TRM has secured additional funding from existing investors, CEO Esteban Castano told Fortune. He declined to disclose the size of the latest investment, describing it only as "modest."

Castano told the outlet that the company expects annual recurring revenue to reach $100 million in the coming weeks. TRM had about 500 employees as of early September, with offices in London, Singapore and Washington, D.C.

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The company is also preparing a new investigations platform aimed at helping law enforcement and financial institutions tackle crimes involving AI. TRM plans to publicly announce the platform in November.

The platform will focus on financial fraud, sextortion and child sexual abuse. Castano said criminals are increasingly using AI tools such as deepfakes in these areas.

Castano added that AI is making online crime more dangerous by removing time and expertise, which are two limits that have traditionally constrained criminals. AI tools can allow criminals to produce convincing scams, impersonate people and operate at a much larger scale.

"AI is a second growth engine for our business, not a pivot," Castano said, adding that blockchain intelligence remains central to TRM's strategy.

Earlier this year, TRM Labs and Finray Technologies partnered to help banks monitor crypto and fiat transactions through a single compliance system.

Last month, Chainalysis sued the U.S. government over ICE's decision to award a roughly $94.6 million blockchain forensics contract to TRM Labs without competitive bidding. The one-year deal covers software and support for Homeland Security Task Force investigations.