Blockchain intelligence company TRM Labs Inc. revealed today that it has raised $70 million in new funding on a $1 billion valuation to advance its artificial intelligence-enabled compliance and investigation solutions.
Founded in 2018, TRM Labs offers tools that are designed to help organizations understand and manage risks associated with digital assets and cryptocurrency transactions.
TRM offers an advanced analytics platform that combines massive datasets from blockchain networks with machine learning and risk scoring models that are used to monitor the flow of funds to help customers track where money is coming from and where it’s going. The software can highlight patterns that may indicate fraud, money laundering, sanctions evasion or other illicit activity that might otherwise go unnoticed.
The company’s technology offers transaction monitoring systems that score and flag risks in real time, wallet screening tools that assess the threat level of specific crypto addresses and forensic tracing capabilities that allow deep investigations into complex transaction chains. The capabilities help institutions meet legal requirements such as anti-money-laundering regulations while giving investigators the data they need to build stronger cases.
Beyond obvious users such as financial firms and cryptocurrency exchanges, TRM’s services are used by law enforcement and national security agencies to help tackle criminal networks that exploit digital currencies. TRM can and does help agencies disrupt illicit finance and recover stolen or fraudulently transmitted assets by mapping the connections between blockchain transactions and real-world actors.
The company’s tracking solutions have found a willing audience, with revenue growth up 150% annually over the last five years. Notable TRM customers include Circle Internet Financial LLC, Coinbase Global Inc., Cross River Bank, PayPal Holdings Inc., Robinhood Markets Inc., Stripe Inc. and Visa Inc.
The Series C funding round was led by Blockchain Capital. CMT Digital, The Goldman Sachs Group Inc., Bessemer Venture Partners LP, DRW Venture Capital, Y Combinator, Thoma Bravo LP, Alumni Ventures Group, Citi Ventures Inc., Brevan Howard Digital and Galaxy Ventures Holdings Ltd. also participated.
“At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity and national security,” said co-founder and Chief Executive Esteban Castaño.
The new funding takes the total raised by TRM Labs to $220 million, according to data from Tracxn. Previous rounds raised by TRM include $14 million in June 2021, $60 million in December 2021 and $70 million in November 2022.
Photo: TRM Labs
Support our mission to keep content open and free by engaging with theCUBE community. Join theCUBE’s Alumni Trust Network, where technology leaders connect, share intelligence and create opportunities.
- 15M+ viewers of theCUBE videos, powering conversations across AI, cloud, cybersecurity and more
- 11.4k+ theCUBE alumni — Connect with more than 11,400 tech and business leaders shaping the future through a unique trusted-based network.
About News Media
Founded by tech visionaries John Furrier and Dave Vellante, News Media has built a dynamic ecosystem of industry-leading digital media brands that reach 15+ million elite tech professionals. Our new proprietary theCUBE AI Video Cloud is breaking ground in audience interaction, leveraging theCUBEai.com neural network to help technology companies make data-driven decisions and stay at the forefront of industry conversations.
