San Francisco-based blockchain intelligence firm TRM Labs has reached a valuation of $2 billion. This milestone follows the closure of an extension to its Series C funding round, occurring just six months after the company achieved unicorn status with a $1 billion valuation.
In February 2026, the company raised $70 million in a Series C round led by Blockchain Capital, bringing its total funding to $220 million. The firm reports that its annual revenue has grown by more than 150% over the last five years.
TRM Labs is expanding its focus beyond blockchain forensics to address broader online crime, specifically targeting AI-driven fraud such as deepfakes and automated phishing. The company is launching a new platform designed to detect and neutralize these threats.
The firm maintains a database of over 2.4 billion addresses associated with illicit activities across more than 180 blockchains. Its services are utilized by law enforcement and national security agencies in over 50 countries, as well as by financial institutions like Coinbase and PayPal.
In 2026, TRM Labs secured contracts related to Immigration and Customs Enforcement activities. The company is also developing AI workflow tools with a focus on explainability to assist investigators in presenting evidence in legal proceedings.
