Blockchain intelligence company scores $70 million

Blockchain intelligence company scores $70 million

TRM Labs, a leading blockchain intelligence company, has managed to raise $70 million in a Series B funding round. The investment round was led by Thoma Bravo, a leading software investment firm. Other participants included Goldman Sachs and previous TRM investors such as PayPal Ventures, Amex Ventures, and Citi Ventures.

The expansion follows TRM’s initial raise of $60 million led by Tiger Global in December 2021. The total capital raised is now $130 million in total.

TRM’s blockchain intelligence solutions support investigations and analysis of crypto-related fraud and financial crime worldwide. They are are used by law enforcement agencies, regulatory bodies, tax authorities, and financial intelligence units. TRM’s existing clientele includes crypto and financial companies like Circle, Shopify, MoonPay, OpenSea, and Uniswap.

The investment in the solution provider of many law enforcement groups comes at a time when the crypto space has been hit by a series of scams and hacks. In fact, blockchain research firm Chainalysis revealed that there has been a 58.3% increase in hacks this year, as of August.

The blockchain intelligence company plans to use the recently acquired funds to improve its services. Additional strategic investments will be made for product development and talent acquisition, in particular, according to the press release published on TRM’s website.

TRM will also focus on meeting the demand for its incident response services and training programs.

The company has already acquired CSITech, a crypto and blockchain investigative firm. It launched Chainsbuse, a free community-powered scam reporting platform sometime after the December funding round. Furthermore, TRM integrated with additional blockchains, including Solana, Polygon, and Avalanche, in recent times to continue providing the industry’s most comprehensive view of blockchain-based activity.

Founded in 2018, TRM Labs members include former law enforcement officers from the UK’s National Crime Agency, INTERPOL, Australian Federal Police, IRS-Criminal Investigation, the US Secret Service, and the US Department of the Treasury. With offices in the UK, Singapore, Australia, Brazil, and the UAE, TRM boasts a team of more than 150.

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