TRM Labs has doubled its valuation to $2 billion as demand increases for software that combines blockchain intelligence and artificial intelligence to investigate financial crime, fraud, and other illicit activity.

The company said on September 9, 2026, that it had raised a strategic expansion of its Series C round led by Blockchain Capital. An expansion of this kind extends an existing funding stage rather than opening a new one, and the move came only months after TRM's previous Series C funding in February 2026 — meaning the company's valuation doubled within a span of months. TRM also said its annual recurring revenue, a standard measure of subscription-based software sales, had quadrupled over the past three years.

More than 600 government agencies and private-sector institutions across 75 countries now use TRM's platform, according to the company. Its customers include government agencies, financial institutions, and crypto businesses that use the technology to investigate transactions, identify criminal networks, and track illicit funds across blockchain networks. That mix of public- and private-sector customers reflects the category TRM operates in: specialized blockchain intelligence firms that supply investigative tooling to both government investigators and regulated businesses.

TRM's tools include blockchain forensics, transaction monitoring, wallet and entity screening, and due diligence. The platform is designed to combine blockchain data with other intelligence, helping investigators identify connections between wallets, entities, and criminal activity.

Customers use the technology to investigate digital fraud, scams, cybercrime, child exploitation, money laundering, and sanctions evasion. The company's expansion comes as financial crime investigations increasingly span digital assets, online platforms, and more sophisticated cross-border networks.

Traditional investigations can require investigators to assemble large amounts of fragmented information from multiple systems. TRM says its AI-native investigation tools are designed to process that information at scale, enabling investigators to identify patterns and connections that might otherwise be difficult to detect.

The company is positioning these capabilities for a broader AI investigations market rather than limiting them to cryptocurrency compliance. The latest funding will support continued development of AI-powered investigation tools as TRM expands its work with law enforcement agencies, financial institutions, regulators, tax authorities, and crypto businesses. How that broader positioning develops among the law enforcement agencies, regulators, and tax authorities already in its customer base is one angle to follow as the new capital is deployed.

TRM's announcement is available in its official release. The company's valuation reflects growing demand for blockchain compliance tools as well as the increasing use of specialized AI and blockchain intelligence as investigative infrastructure in a financial system where illicit activity is becoming more digital, cross-border, and data-intensive.

Source: BitcoinKE.