⚡Funding Brief⚡ TRM Labs announced a strategic Series C expansion valuing the company at USD 2 billion, led by Blockchain Capital. The company said its annual recurring revenue has quadrupled over the past three years. The amount raised was not disclosed; Fortune reported that CEO Esteban Castaño described the add-on as a "modest" amount funded by existing backers. This compares with TRM's USD 70 million Series C at a USD 1 billion valuation, announced on February 4, 2026. The new financing valuation therefore doubled in about seven months, or 217 days. The February round was also led by Blockchain Capital. The key distinction is between capital raised and valuation: USD 2 billion is the private financing valuation accepted in the latest transaction, not the amount invested or a public-market price. TRM positions itself as an AI investigations platform for disrupting criminal networks, expanding beyond blockchain forensics while retaining crypto intelligence as a core business. The repricing suggests that investors are underwriting a broader crime-intelligence platform, not simply another crypto analytics product. Existing customer relationships and data may lower distribution friction as TRM adds AI-driven investigations. However, because the new-money amount and allocation details remain undisclosed, the valuation step-up should not be read as a directly measurable revenue multiple. Source: TRM Labs / Fortune，2026-09-09