TRM Labs, the San Francisco-based AI investigations company, announced a strategic Series C expansion on Sept. 9 that values the firm at $2 billion. The round was led by Blockchain Capital and doubles the company’s valuation from its Series C raise in February, according to a company announcement.
The size of the expansion was not disclosed. TRM said its annual recurring revenue has quadrupled over the past three years, a trend the company attributes to rising demand for tools that help investigators trace illicit activity across cryptocurrency and other digital rails. The firm framed the investment as a step toward scaling its AI-native investigations platform for high-consequence environments where accuracy and auditability matter.
Blockchain Capital leads the round
“In February, we led TRM’s Series C. Since then, we’ve had a front row seat to a significant period of growth,” said Spencer Bogart, general partner at Blockchain Capital. “This latest investment reflects that growth, and our firm conviction that TRM is the AI investigations platform of the future.”
Blockchain Capital also led the company’s earlier Series C in February, making the latest round an extension of existing backing rather than a new investor relationship.
AI is accelerating digital crime
The investment arrives as digital-crime losses climb. The FBI’s Internet Crime Complaint Center recorded $16 billion in losses in 2024 and $21 billion in 2025, TRM said, citing the bureau’s data. Criminal adoption of AI has risen 40% year over year, according to TRM’s AI-in-Crime Adoption Index.
The company argues that investigators now must sort through fragmented data across more than a hundred threat categories, a task its AI-native software is designed to handle. The platform is built to help investigators turn intelligence into disruption by alerting potential targets, freezing illicit funds and blocking criminal networks.
Scale and next steps
More than 600 government agencies and private-sector institutions across 75 countries use TRM’s platform to counter fraud, scams, cybercrime, money laundering and sanctions evasion, the company said. Co-founder and CEO Esteban Castaño said TRM is building tools that let investigators “operate at AI-scale” against complex criminal networks.
TRM said it is hiring AI researchers, data scientists and engineers as it builds out the platform. It did not specify how much new capital it raised or a timetable for deployment.
