Thoma Bravo, one of the largest private equity firms managing more than $122 billion in assets, has contributed $70 million in funding to blockchain-based intelligence company TRM Labs’ series B funding round, with a total raised of $130 million.

Other participants in this fundraising round included Goldman Sachs, Paypal Ventures, Amex Ventures and Citi Ventures. The round follows TRM’s $60 million Series B raise in December 2021 led by Tiger Global.

TRM Labs’ products are primarily focused on enabling cryptocurrency transaction tracking, risk assessment of other cryptocurrency businesses, and transaction monitoring for anti-money laundering compliance.

The blockchain firm claims that its products are used by law enforcement agencies, tax authorities, regulatory bodies, and financial intelligence units around the world to investigate and analyze cryptocurrency-related fraud and financial crimes.

According to the company, the funds raised would be used to develop more strategic investments in product development, create accessible tools to counter illicit finance and fraud in the crypto space, and meet demand for its incident response services and training programs.

Esteban Castaño, co-founder and CEO of TRM, noted:

“Demand has never been stronger for solutions that help protect crypto users, deter illicit actors, and support blockchain-based innovation. As the industry continues to mature, TRM sets the standard for data, products and training that equip businesses and governments to combat fraud and financial crime, even as new threats emerge.”

Since the initial Series B round in December last year, TRM Labs has acquired CSITech, a UK-based research and training company, launched Chainsbuse, a free community-driven scam reporting platform, and also integrated with reputable blockchains like Solana, Polygon, and Avalanche to continue to provide more insight into blockchain-based activity.

Notably, TRM Labs was established in 2018 and since then the company claims to have posted 490% year-over-year revenue growth. Its members include former law enforcement officers from the UK National Crime Agency, INTERPOL, the Australian Federal Police, the Criminal Investigation Division of the US Internal Revenue Service, the US Secret Service and the United States Department of the Treasury, among others.

Speaking of TRM Labs, the blockchain firm recently appointed Sujit Raman, former Deputy Assistant Attorney General of the US Department of Justice (DOJ) and chair of the task force that drafted the 2020 DOJ Cryptocurrency Enforcement Framework. , as your general counsel.

As reported by Blockchain.News, Raman’s responsibility includes managing the company’s legal affairs, supporting global compliance, and coordinating investigations and law enforcement activities.

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