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PayPal, Salesforce back $14m funding for blockchain forensics firm TRM Labs

blockchain forensics analysis

Today blockchain forensics firm TRM Labs announced it raised $14 million in a Series A led by Bessemer Venture Partners. PayPal Ventures and Salesforce Ventures also participated, along with several others.

The company tracks cryptocurrency fraud and financial crime through transaction monitoring and forensic analysis across more than a dozen different public blockchains. Clients include digital asset bank Anchorage and cryptocurrency exchange Binance.

“The team at TRM Labs is building an extraordinary company that is going to be critically important in helping financial institutions safely transition to a new financial system for the digital age,” said Ethan Kurzweil, Partner at Bessemer Venture Partners.

“TRM will also continue to be a strong partner to governments and regulators around the globe as they work to ensure that illicit actors don’t take advantage of this new financial system.”

Other competitors in the sector include Elliptic, which secured a $28 million Series B in late 2019 and Chainalysis, which raised a $100 million Series C in late 2020 and works with numerous government agencies.