Chainalysis Competitor TRM Labs Raises Follow-On Funding at a $2 Billion ValuationBlockchain...

Chainalysis Competitor TRM Labs Raises Follow-On Funding at a $2 Billion ValuationBlockchain analytics firm TRM Labs has completed a follow-on funding round from existing investors, doubling its valuation to $2 billion from about $1 billion roughly six months ago. CEO Esteban Castano did not disclose the amount raised, describing it as relatively small. TRM expects annual recurring revenue to reach $100 million in the coming years and currently has about 500 employees.The company is also expanding into AI-powered criminal investigations and plans to launch a new platform in November to detect AI-related crimes, including deepfake financial fraud. Previously, Chainalysis accused ICE of awarding TRM Labs a roughly $95 million blockchain analytics contract without a competitive bidding process and questioned the procurement process.

Source: Wu Blockchain