TRM Labs valuation doubles to $2B as AI services expand

Six months ago, TRM Labs was celebrating its entrance into the unicorn club. Now the San Francisco-based blockchain intelligence firm has doubled its valuation to $2 billion after closing an extension to its Series C round, fueled by investor appetite for its rapidly expanding AI business. The company raised $70 million in its Series C back in February 2026, led by Blockchain Capital, which pushed its valuation to $1 billion and brought total funding to $220 million. From blockchain forensics to AI crime-fighting CEO Esteban Castano told Fortune that TRM Labs no longer sees itself as purely a blockchain forensics shop. The company’s mission has expanded to mapping online crime more broadly, with a particular focus on fraud and scams being supercharged by artificial intelligence. The new platform rolling out to customers is specifically designed to identify and neutralize AI-driven scams. Think deepfake-powered social engineering, AI-generated phishing at scale, and sophisticated fraud schemes that would have required a small army of criminals five years ago but can now be orchestrated by one person with the right prompts. TRM Labs has reported annual revenue growth exceeding 150% o...