TRM Labs
Category: AI in Cybersecurity
A comprehensive blockchain intelligence platform designed to help financial institutions, cryptocurrency businesses, and government agencies detect, investigate, and manage crypto-related fraud and financial crime. TRM Labs was founded in 2018. The company is led by Esteban Castaño. Based in San Francisco, USA. Team size: 101-500. Total funding raised: $220M. Latest round: Series C. Key investors include Blockchain Capital, Thoma Bravo, Tiger Global Management, Goldman Sachs, Bessemer Venture Partners, Galaxy Ventures, CMT Digital, Brevan Howard Digital, PayPal Ventures, Visa, American Express Ventures, Citi Ventures.
AMW Analysis
TRM Labs operates a blockchain intelligence platform used by financial institutions, crypto businesses, and government agencies to detect and investigate crypto-related fraud and financial crime. The company gives customers a unified, real-time view of risk across more than 100 blockchains, supporting automated AML compliance and forensic investigation from a single interface. Founded in San Francisco in 2018, it has raised a total of $149.9M to date, with backers including Tiger Global Management, Thoma Bravo, Goldman Sachs, PayPal Ventures, Visa, American Express Ventures, Citi Ventures, Blockchain Capital, and Marshall Wace, and its latest listed round is a Series B Expansion.
Recent news flow shows a further capital raise beyond that base: a $70M Series C reported in both February and March 2026, pushing total funding to $220M and valuing the company at $1B, with participation from Blockchain Capital, Goldman Sachs, Citi Ventures, and Visa. Coverage describes the platform scaling AI-powered blockchain intelligence for national-security and law-enforcement use, citing service to law enforcement in more than 50 countries and 150% annual revenue growth, alongside continued interest from traditional financial institutions in the round.
AMW analysis, generated from 2 tracked news signals.
- Founded
- 2018
- Headquarters
- San Francisco, USA
- Team size
- 101-500
- Total funding
- $220M
Value proposition
Provides a unified, real-time view of risk across 100+ blockchains, enabling organizations to automate AML compliance and conduct deep-dive forensic investigations through a single interface.
Products and solutions
TRM Forensics: Advanced tool for tracing and visualizing the flow of funds across blockchains., TRM Transaction Monitoring: Real-time AML/CFT screening for cryptocurrency transactions., TRM Wallet Screening: Automated risk scoring and sanctions screening for crypto wallets., TRM Know Your VASP (KYV): Risk assessments and due diligence on virtual asset service providers., TRM Beacon: Proactive threat intelligence and alerting for emerging crypto-related exploits.
Unique value
Industry-leading cross-chain analytics capability that allows investigators to track assets seamlessly as they move across different blockchains (e.g., from Bitcoin to Ethereum to Solana) within a single graph.
Target customer
Global financial institutions (banks, fintechs), cryptocurrency exchanges (VASPs), government law enforcement agencies (FBI, IRS, NCA), and regulatory bodies.
Industries served
Financial Services & Banking, Cryptocurrency & Web3, Government & Law Enforcement, Cybersecurity, Legal & Compliance
Technology advantage
Utilizes a proprietary 'Attribution Engine' that leverages machine learning and a massive database of millions of tagged addresses to identify illicit actors, combined with high-speed data ingestion that processes billions of on-chain events daily.
How they differentiate
TRM differentiates through its 'cross-chain' analytics, allowing investigators to track funds across different blockchains seamlessly in a single graph. It also features a more modern, intuitive UI compared to legacy tools and high-speed data ingestion that provides real-time risk scoring.
Main competitors
Chainalysis, Elliptic, Mastercard (CipherTrace), Merkle Science
Key partnerships
Financial / strategic investors: Blockchain Capital, Thoma Bravo, Tiger Global, Goldman Sachs, Bessemer Venture Partners, Galaxy Ventures, PayPal Ventures, Visa, American Express Ventures, Citi Ventures, Marshall Wace., Ecosystem / customers: Circle (USDC), Coinbase, Stripe, PayPal, Robinhood, MoonPay, Shopify., Public sector: IRS-CI, FBI, UK NCA and law enforcement / national security agencies across 50+ countries.
Notable customers
Circle, Coinbase, Stripe, PayPal, Robinhood, Visa, Cross River Bank, MoonPay, Shopify, IRS-Criminal Investigation, FBI, UK National Crime Agency (NCA)
Major milestones
Graduated from Y Combinator Winter 2019 cohort, Raised $60M Series B led by Tiger Global in Dec 2021, Secured $70M Series B expansion led by Thoma Bravo in Nov 2022, Established a dedicated Global Policy team led by former DOJ and Treasury officials, Integrated advanced AI-driven attribution to identify over 80 million tagged addresses, Closed $70M Series C led by Blockchain Capital at $1B valuation (unicorn) in Feb 2026
Growth metrics
Series C unicorn at $1B valuation (Feb 2026); revenue growth averaged >150% annually over past five years per company; headcount ~400-450; customers in 50+ countries; supports 100+ blockchains.
Market positioning
A high-growth challenger and leader in the blockchain intelligence space, positioned as the primary alternative to the incumbent Chainalysis for both government agencies and top-tier crypto enterprises.
Geographic focus
Global, with primary headquarters in North America (San Francisco) and significant operations in Europe (London) and Asia-Pacific (Singapore).
Patents and IP
Proprietary multi-chain data fusion and automated risk-scoring algorithms (specific public patent filings are generally kept as trade secrets or under 'TRM Labs Inc' in the USPTO database).
About Esteban Castaño
Esteban Castaño is the Co-founder and CEO of TRM Labs. Prior to founding TRM, he served as a Business Analyst at McKinsey & Company and as a Program Manager at Generation, focusing on global youth unemployment. He is a Y Combinator alumnus (W19) and withdrew from the Stanford Graduate School of Business to launch TRM Labs. He holds a Bachelor of Arts in Government from Dartmouth College.
Latest news about TRM Labs
- TRM Labs secured $70M in Series C funding, reaching a $1B unicorn valuation with backing from Blockchain Capital, Goldman Sachs, and Citi Ventures. This raise, bringing total funding to $220M, signals
- TRM Labs raised 70 million dollars in Series C funding at a 1 billion dollar valuation to scale AI-powered blockchain intelligence for national security. Backed by Goldman Sachs and Visa, the company
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Official website: https://www.trmlabs.com/
