TRM Labs, the blockchain intelligence and AI company, has just revealed that it has successfully closed a Series C funding round of $70 million that values the company at $1 billion. The raise will allow TRM to dramatically increase the range of its offerings to continue its fight against criminal networks and protect national security. Blockchain Capital leading the investment round with a first investment in 2018 with TRM for a pre, seed round, and the round also saw the participation of other returning investors such as CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Thoma Bravo, Alumni Ventures, Citi Ventures, Brevan Howard Digital, as well as a new strategic investor Galaxy Ventures were the signatories to the round. The fundraise came after a stellar financial performance of the company, which has been able to grow its annual revenues at an average rate of over 150% for the last five years. It is going to assist the company in realizing its vision that advanced AI and blockchain intelligence solutions be made available to public and private institutions as weapons against financial crime and illicit activities. TRMs technology is currently used by some of the most powerful law enforcement and national security agencies in over 50 countries and several prominent private sector clients have also availed of their service including Circle, Coinbase, Cross River Bank, PayPal, Robinhood, Stripe, Visa, among others. The company provides a key defense component against threats such as ransomware groups, terrorist financiers, transnational criminal syndicates, and increasingly sophisticated scam operators who leverage automation, programmatic money laundering, and AI-enabled social engineering to expand their reach.
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The new capital will accelerate TRM’s investment in three strategic areas: expanding its world-class talent pool with more AI researchers, data scientists, engineers, and domain experts; advancing AI-enabled compliance solutions to help institutions manage financial crime risk more efficiently; and enhancing AI-powered investigations to better identify and disrupt illicit activity by linking on-chain and off-chain adversarial behavior. “AI is one of the most important technologies of our generation, and where it’s applied matters,” said Esteban Castaño, co-founder and CEO of TRM Labs. “At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity, and national security. This funding allows our world-class team and the people who will join us next to innovate alongside institutions on the front lines of the most consequential threats, and expand the potential of AI to meaningfully improve how our critical systems are protected.” In addition to accelerating the development of technology, TRM is also hiring across all functions and is expanding its footprint across the globe with offices in Los Angeles, San Francisco, New York, Washington D.C., London, and Singapore.
