Blockchain intelligence company, the renowned TRM Labs, shared in an announcement that the company has raised 70 million dollars in a series B funding round, expanding the total raised to 130 million dollars. Thoma Bravo, a Series B investor, led the funding round with Goldman Sachs and a few other previous TRM investors, including PayPal Ventures, Amex Ventures, and Citi Ventures. The expansion came after a $60M raise in Series funding led by Tiger Global in December 2021.
As announced by the blockchain-based intelligence company, the funds will support talent acquisition and product development. The company has plans to deliver security tools as an initiative to counter fraud and illicit Finance. They are also working to address the highly raised demand for training programs and incident response services.
TRM’s Co-founder and CEO, Esteban Castaño, stated,” demand has never been stronger for solutions that help protect crypto users, impede illicit actors and support blockchain-based innovation.”
TRM also acquired CSITech after the initial Series B funding round in December. CSITech is also a blockchain encrypt to investigate firm with a renowned expert in blockchain forensics.
The company claims to offer intelligence solutions for blockchain technology to law enforcement agencies, tax authorities, financial intelligence units, and regulatory bodies worldwide as support for analysis and investigations in crypto-related financial crimes and Frauds. Christine Kang, principal at Thoma Bravo, said TRM is working aggressively in developing blocks in intelligence solutions that are much required with the rapid expansion of blockchain technology.
TRM Labs was established in 2018 and had breathtaking claims of generating year-over-year revenue growth of 490%. It would be exciting to see how an agency with members including former law enforcement officers from the United kingdom’s National crime agency, Interpol, the Australian federal police, the United States internal revenue services, the criminal investigation division, the US secret service, and the US Department of the tragedy, works in developing new regulatory bodies to regulate Crypto and Finance activities on blockchain technology worldwide.