TRM Labs has reached a $2 billion valuation after investors doubled the blockchain intelligence company’s value in less than six months, as its business expands from crypto forensics into AI-powered crime detection, according to Fortune.
The San Francisco startup raised $70 million in a Series C round at a $1 billion valuation in February and has since secured additional investment from existing backers. The size of the latest round was not disclosed.
Initially launched to help law enforcement trace crypto transactions, TRM Labs is now expanding into criminal intelligence as AI creates new ways for criminals to scale fraud and other illicit activity. CEO Esteban Castano said TRM continues to view blockchain intelligence as a long-term core business while treating AI as a new growth engine.
The company is developing a new investigations platform focused on criminal networks and AI-enabled financial crime. The platform is expected to be publicly announced in November and will help investigators identify fraud involving tools such as deepfakes.
It will also be designed to help law enforcement combat sextortion and child sexual abuse, which Castano said have risen sharply as AI tools have become more accessible.
