TRM Labs, a San Francisco-based blockchain intelligence platform, announced it has raised $14 million when it completed its “Series A” funding round last July 17.
Bessemer Venture Partners, a capital firm with 130 IPOs, led the fundraising for the platform that also got significant financing aid from digital payments giant PayPal and cloud-based software company Salesforce.
Meanwhile, other contributors that helped TRM Labs to raise the funds include Initialized Capital, Jump Capital, Operator Partners, Blockchain Capital as well as executives from Google.
The TRM Labs
The blockchain intelligence platform integrates more than a dozen blockchains and is aiming to utilize the technology behind them to locate signs of financial crimes such as fraud and money laundering in real-time.
It is also inclined in helping financial institutions, cryptocurrency companies and public institutions to deal with corresponding risk management.
TRM Board of Directors member and Bessemer Venture partner Ethan Kurzweil 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.”
Preventing ransomware attacks
Last June 9, JBS, the world’s largest meat producer based in Brazil, admitted they paid about $11 million worth of bitcoin in order to deal with a ransomware attack that affected their operations.
Kurzweil said TRM Labs will also prevent crypto-related financial crimes such as fraud and money laundering as well as ransomware attacks and other similar crimes.
“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,” he added in explaining how the intelligence platform plans to deal with such unscrupulous activities.
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