TRM Labs raised a strategic extension of its Series C financing at a $2 billion valuation, doubling the blockchain intelligence and AI investigations company's value from its February Series C. Blockchain Capital led both financings, while TRM did not disclose the size of the latest investment. The San Francisco-based company said its annual recurring revenue has quadrupled over the past three years and that more than 600 government agencies and private-sector institutions in 75 countries use its platform to address fraud, scams, cybercrime, money laundering and sanctions evasion. Chief Executive Esteban Castaño has said annual recurring revenue is expected to reach $100 million within weeks, and TRM plans to publicly launch an AI crime investigations platform in November. The valuation increase also comes as Chainalysis challenges a $94.66 million US Immigration and Customs Enforcement contract awarded to TRM.