Analysis
TRM Labs, the San Francisco blockchain-intelligence company founded in 2018 by CEO Esteban Castano, said its valuation has doubled to $2 billion just six months after its last outside raise, according to Fortune. The new capital came from existing backers rather than a new external lead -- Castano described the amount as "modest" -- an extension of the $70 million Series C that TRM closed in February 2026 at a $1 billion valuation.
The company built its business tracing illicit cryptocurrency flows for banks and law enforcement, and says it now serves more than 500 institutions, including Circle, Coinbase, PayPal, Robinhood, Stripe and Visa. TRM expects to cross $100 million in annual recurring revenue within weeks, and its five-year average annual revenue growth has topped 150%. The company employs roughly 500 people across San Francisco, London, Singapore and Washington, D.C.
TRM is positioning the new capital around a shift from pure blockchain forensics into broader AI-driven crime detection, including a Co-Case Agent tool for investigators and a suite of compliance products it calls Compliance360, Investigation360, NatSec360, Seizure360 and Supervision360. CEO Castano framed it this way: "Today's crimefighters are tasked with finding a needle in a haystack. Only, the haystack is enormous, with petabytes of data that today live in disparate systems."
“TRM expects to cross $100 million in annual recurring revenue within weeks, and its five-year average annual revenue growth has topped 150%.”
The blockchain-intelligence category has three main vendors:
- Chainalysis -- the incumbent, with roughly $538 million raised and a last official valuation of $8.6 billion.
- Elliptic -- a London-founded rival with a deep enterprise compliance product.
- CipherTrace -- acquired by Mastercard and folded into its broader payments-security stack.
Blockchain Capital, TRM's Series C lead, was again involved in the expansion, with general partner Spencer Bogart calling the company a definer of the "AI investigations" category.