TRM Labs hits $2B valuation ahead of AI crime launch

TRM Labs reached a $2 billion valuation on Sept. 9 after securing additional funding from existing investors, six months after the blockchain intelligence company was valued at roughly $1 billion. Summary TRM Labs doubled its reported valuation to $2 billion through follow-on funding from existing investors. Chief executive Esteban Castano described the undisclosed follow-on investment as modest during Fortune’s September interview. TRM expects annual recurring revenue to reach $100 million within weeks, according to its chief. TRM plans to unveil an AI crime investigations platform publicly during November, according to Castano. Chainalysis is challenging ICE’s $94.66 million sole-source TRM contract in the U.S. federal claims court. Chief executive Esteban Castano confirmed the follow-on investment in an interview with Fortune. He did not disclose the amount raised. Castano described the investment as “modest,” making the valuation the central disclosed figure rather than the capital received. The transaction followed a $70 million Series C that valued TRM Labs at $1 billion. Blockchain Capital led that round, while Goldman Sachs, Bessemer Venture Partners, Galaxy Ventures, Citi ...