San Francisco-based TRM Labs has doubled its valuation to $2 billion following an add-on to its $70 million Series C funding round raised in September. The fast-growing startup, known for helping law enforcement track cryptocurrency criminals, has expanded its focus to include AI-driven crime detection, marking a significant milestone in its growth trajectory, the company confirmed in an interview with Fortune.
TRM Labs CEO Esteban Castano explained that the company’s mission has evolved from blockchain forensics to mapping online crime more broadly, especially as AI accelerates criminal activity. The startup is launching a new platform aimed at identifying and preventing AI-based scams, positioning artificial intelligence as a second growth engine alongside its core crypto intelligence business. Castano emphasized that blockchain intelligence remains a multi-decade opportunity and that TRM Labs aims to build a generational company.
The company’s shift to a horizontal focus on criminal networks stems from the insight that various criminals—from cyber hackers to wildlife poachers—use cryptocurrency, enabling TRM Labs to take a broad, network-based approach to crime detection. This strategy leverages its expertise in blockchain intelligence while addressing the increasing complexity of crime fueled by AI, reflecting broader trends in the cybersecurity and fintech sectors.
TRM Labs’ valuation jump to $2 billion underscores investor confidence in its expanded AI capabilities and core business. The company’s latest funding round and strategic pivot were detailed in a September interview with CEO Esteban Castano published by Fortune.