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The company plans to use the capital to advance its AI platform supporting law enforcement, national security, and financial institutions worldwide.
The latest funding values the company at $1 billion, TRM Labs wrote in a blog post on its website.
TRM Labs’ client base includes law enforcement and national security agencies, as well as private-sector institutions including Circle, Coinbase, Cross River Bank, PayPal, Robinhood, Stripe, and Visa.
TRM Labs has raised $70 million in a Series A round led by Blockchain Capital, which also led its pre-seed round in 2018. The fundraising was closed at a valuation of $1 billion, according to the announcement on Wednesday.
Other participants in the round include CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Thoma Bravo, Alumni Ventures, Citi Ventures, Brevan Howard Digital, and a new strategic investor, Galaxy Ventures.
TRM Labs develops AI solutions used to counter criminal network activity and national security threats. Its products are also used by leading global financial service providers, including Circle, Coinbase, Cross River Bank, PayPal, Robinhood, Stripe, and Visa.
The company plans to use the fresh capital to advance its AI platform supporting law enforcement, national security, and financial institutions worldwide.
“At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity, and national security,” Esteban Castaño, co-founder and CEO of TRM Labs, said in the announcement. “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.”
Spencer Bogart, general partner at Blockchain Capital, commented: “Esteban and Rahul have built a product and organization that sells mission-critical software to some of the world’s most selective institutions, navigating the toughest procurement processes in government and regulated finance. That combination of technical depth, strategic adaptability, and credibility with demanding buyers is rare, and we’re excited to continue backing this team.”
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