Catenaa, Sunday, February 08, 2026- Crypto analytics firm TRM Labs achieved unicorn status after raising $70 million in a Series C round led by Blockchain Capital, bringing its valuation to $1 billion amid rising demand for tools to track illicit activity in crypto markets.
Founded in 2018, TRM provides software that traces transactions across multiple blockchains, helping government agencies, regulators, exchanges, and financial institutions detect suspicious activity, assess risk, and support investigations. The firm said the new capital will fund product expansion, further investment in artificial intelligence and machine learning, and growth of its global team to counter increasingly sophisticated fraud and AI-enabled scams.
TRM has seen heightened demand as law enforcement and financial institutions confront a surge in crypto-enabled fraud, sanctions evasion, and illicit finance. Recent research from the company found that illicit actors captured nearly 3% of total crypto liquidity in 2025. Another report highlighted roughly $1 billion moved through UK-registered crypto exchanges by Iran’s Revolutionary Guard.
The Series C round included participation from CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Brevan Howard Digital, Thoma Bravo, Alumni Ventures, Citi Ventures, and Galaxy Ventures.
TRM Labs CEO and co-founder Esteban Castano emphasized the firm’s focus on applying AI to combat crypto crime, noting its importance in addressing the growing complexity of illicit financial flows.
