TRM Labs, a blockchain analytics startup used by global law enforcement and financial firms, has raised $70 million in a new funding round that pushed its valuation to $1 billion.

The Series C round, Fortune reports, was led by Blockchain Capital with participation from Goldman Sachs, Citi Ventures, Bessemer, Thoma Bravo and Brevan Howard. The firm, according to data from TheTie, had raised nearly $150 million to date, having seen another $70 million fundraise back in 2023, along with other smaller fundraising rounds. That brings the total raised to $220 million.

The firm’s software helps trace cryptocurrency transactions across multiple blockchains, a service increasingly in demand as crypto crime grows more complex.

TRM counts several major government agencies, including the IRS and FBI, among its clients, as well as major banks. It was an early mover in tracking not just bitcoin but various other cryptocurrencies, a decision that set it apart from competitors. That edge has become more valuable as criminal networks diversify their use of tokens and platforms.

TRM’s global investigations team includes former federal agents, including veterans of cases that include the takedown of dark web marketplaces.

The company foresees growth in the future, given the rising sophistication of threats in the cryptocurrency space. Per Ari Redbord, TRM's global head of policy, the company saw a 500% increase in “AI-enabled use in scams and fraud.”

TRM has also partnered with leading blockchain projects like Tron and Tether to expand its intelligence. That partnership created the T3 Financial Crime Unit task force, and has frozen more than $300 million in tainted assets.