Blockchain intelligence firm TRM Labs has raised $70 million in a Series B extension round led by Thoma Bravo, a private equity firm with $122 billion in assets under management. TRM Labs will use the capital, which brought total funding up to $130 million, toward product development and hiring.

Other participants in the round included new investor Goldman Sachs and returning backers PayPal Ventures, Amex Ventures and Citi Ventures among others.

Regulatory turbulence and the increasing entry of traditional finance firms into crypto have driven investors toward blockchain intelligence firms. TRM rival CipherTrace was acquired by Mastercard in September, 2021; Chainanalysis raised $170 million in May at an $8.6 billion valuation.

“TRM has differentiated itself as the premier blockchain intelligence solution to the public and private sector, with a unique breadth of asset coverage, cross-chain analytics and level of product innovation,” said Thoma Bravo Principal Christine Kang in the press release. “In the rapidly evolving regulatory landscape, TRM’s capabilities are ever more critical to helping organizations scale and adapt risk management needs.”

The firm's blockchain intelligence solutions are used by law enforcement agencies, regulators, banks and private companies to investigate and analyze crypto-related fraud and financial crimes. Customers include USDC stablecoin issuer Circle, the U.S. arm of crypto exchange FTX, the Internal Revenue Service and the Federal Bureau of Investigation.

San Francisco-based TRM Labs launched in 2018 and has expanded across the U.K., Singapore, Australia, Brazil and the United Arab Emirates. The company said revenue has increased 490% year-over-year since launch, and the team has grown from four to more than 150 people.

TRM Labs last raised $60 million in a Series B round in December, 2021 led by investing giant Tiger Global.

Read more: The Quick and Comprehensive Guide to Blockchain for Corporate Executives