Blockchain Intelligence Startup TRM Labs Raises $70 Million in Additional Funding
TRM Labs Inc., a digital asset transaction tracking platform startup, today announced that it has secured an investment of 70 million dollars led by Thoma Bravo.
The investment was given as an extension of a Series B financing round which TRM Labs had announced at the end of 2021. In the first part of the Series B round, the startup raised $60 million from a consortium led by Tiger Global. The $70 million extension announced today included the participation of not only Thoma Bravo, but also Goldman Sachs, PayPal Ventures, Amex Ventures, Citi Ventures and several other investors.
San Francisco-based TRM Labs offers a platform to identify illegal transactions involving digital assets. The platform is used by public organizations such as law enforcement agencies and regulatory bodies. TRM Labs also has a growing client base of private companies that include Shopify Inc., Circle Internet Financial Inc. and MoonPay Inc., a cryptocurrency startup backed by more than $600 million in funding.
TRM Labs’ platform can identify risky digital asset deposits and withdrawals. According to the startup, the platform is capable of analyzing more than one million digital assets across 23 blockchains. TRM Labs customers have access to a centralized interface for reviewing and prioritizing transactions based on risk level.
A second set of features provided by the startup can be used to track the source and destination of illegal cryptocurrency transactions. The startup’s platform can track the movement of funds across cryptocurrency wallets, cryptocurrency exchanges and other platforms. Users have access to detailed technical information about each platform involved in a transaction.
TRM Labs’ third main focus area is identifying risks affecting virtual asset service providers such as cryptocurrency exchange operators. According to the startup, the platform monitors more than 80 types of risks. Users also have access to other data, such as information on what percentage of transactions processed by a given cryptocurrency platform are linked to illegal activity.
“Demand has never been stronger for solutions that help protect crypto users, thwart illegal actors and support blockchain-based innovation,” said TRM Labs co-founder and CEO Esteban Castaño. “As the industry continues to mature, TRM sets the standard for data, products and training that equip businesses and governments to fight fraud and financial crime, even as new threats emerge.”
On the occasion of the $70 million investment announced today, TRM Labs revealed that revenue has grown by 490% year-over-year since its launch in 2018. At the same time, the startup increased its headcount to more than 150 employees. TRM Labs will use the new capital to continue to expand its workforce and develop additional features for the platform.
