Six months ago, TRM Labs was celebrating its entrance into the unicorn club. Now the San Francisco-based blockchain intelligence firm has doubled its valuation to $2 billion after closing an extension to its Series C round, fueled by investor appetite for its rapidly expanding AI business.
The company raised $70 million in its Series C back in February 2026, led by Blockchain Capital, which pushed its valuation to $1 billion and brought total funding to $220 million.
From blockchain forensics to AI crime-fighting
CEO Esteban Castano told Fortune that TRM Labs no longer sees itself as purely a blockchain forensics shop. The company’s mission has expanded to mapping online crime more broadly, with a particular focus on fraud and scams being supercharged by artificial intelligence.
The new platform rolling out to customers is specifically designed to identify and neutralize AI-driven scams. Think deepfake-powered social engineering, AI-generated phishing at scale, and sophisticated fraud schemes that would have required a small army of criminals five years ago but can now be orchestrated by one person with the right prompts.
TRM Labs has reported annual revenue growth exceeding 150% over the past five years. The firm currently maintains a database of over 2.4 billion labeled addresses linked to illicit activities across more than 180 blockchains.
The customer base tells the story
TRM Labs serves law enforcement and national security agencies in more than 50 countries, alongside major financial institutions like Coinbase and PayPal.
In 2026, the company secured contracts tied to Immigration and Customs Enforcement (ICE) activities and began rolling out intelligence reports on sanctions evasion flows.
An arms race with real stakes
Castano’s emphasis on “explainability” in the company’s AI workflow tools is a telling detail. In a courtroom, an algorithm that flags suspicious activity is only useful if investigators can explain to a judge exactly how and why it reached its conclusion. Building that transparency into the product from day one suggests TRM Labs is designing for the prosecutorial end of the pipeline, not just the detection stage.