Blockchain Intelligence startup TRM Labs secured $14 Million in Series A round

TRM Labs, a California based blockchain intelligence company, has now secured a $14 million in Series A funding round.

TRM Labs is founded by the Esteban Castaño. It offers blockchain intelligence to help financial institutions, public agencies detect and cryptocurrency businesses, investigate and manage crypto-related fraud and financial crime.

Its risk management platform includes solutions for transaction monitoring, cryptocurrency anti-money laundering and wallet screening, entity risk scoring, which includes the Know Your VASP and transaction tracing for investigations.

Ethan Kurzweil, Partner at Bessemer Venture Partners, who has joined the TRM board, said, "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. 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."

Esteban Castaño, co-founder and CEO of TRM Labs, said, "At TRM we have built the next generation in blockchain intelligence with the mission of building a safer financial system for billions of people. We are thrilled to have the team at Bessemer lead our Series A and support that mission. This partnership is exactly what TRM needs to continue to invest in our clients in an industry characterized by explosive growth."

The Bessemer led the latest funding round. Other participating investors include PayPal Ventures, Jump Capital, Initialized Capital, Operator Ventures, Salesforce Ventures, Blockchain Capital, and executives from Google as well as Y Combinator, The MBA Fund, SGH Capital, Alumni Ventures Group, and Tapas Capital.

Post funding, Ethan Kurzweil, the Managing Partner at Bessemer Venture Partners, will join the TRM Board of Directors team.

The company, as of now, has plans to use the new funds to expand operations across product, sales, data science, and engineering.