Source: https://www.silenteight.com/2022/03/10/silent-eight-raises-40m-in-series-b-round/
- AI platform enforces economic sanctions and investigates all other financial crime risks
- Capital will support technology functions globally, headcount to double by end of 2022
- Valuation quadrupled since last funding round in 2020
[Singapore, 10 March 2022] Silent Eight, a pioneer in the field of AI enhanced economic sanctions enforcement and financial crime prevention, today announces the closing of a $40m Series B funding round. The round was led by TYH Ventures and welcomed HSBC Ventures, the firm’s latest customer to also become an investor.
OTB Ventures, Wavemaker Partners, SC Ventures (Standard Chartered Bank’s venture unit), Aglaia, and Koh Boon Hwee, Chairman and General Partner of Altara Ventures, continued their investment from previous funding rounds. Kolya Miller from TYH Ventures is joining the board.
Everyday millions of financial crime professionals work diligently to stop illicit funds from entering and moving through the global financial system. Silent Eight’s AI platform for financial crime investigates every suspicious transaction, beneficiary, and customer in real-time. Perfectly researched and explained every time at unparalleled speed and scale.
“HSBC has been pleased with the progress made by Silent Eight’s AI platform,” said Ore Adeyemi from HSBC Ventures. “We look forward to continuing to strengthen our partnership through this investment, and we are excited that my colleague Tom Caine is also joining as a Board Observer to help drive this investment partnership”
Silent Eight has raised $55m to date. Today’s round brings the firm’s total valuation to four times its previous value in October 2020. In that time revenue has grown sixfold and headcount has tripled.
“Historic performance has been strong and the future revenue growth projections are even stronger. This is a business that’s poised to scale,” said Kolya Miller of TYH Ventures. “We have been incredibly impressed with Silent Eight’s leadership and are fortunate to be involved in such an impactful enterprise.”
Today’s funding will predominantly be used to expand technology functions in support of Silent Eight’s rapidly expanding customer base. The firm expects to hire over 150 data scientists, developers and engineers in 2022.
“We are here to support our customers and the policy makers of the world by ensuring that the benefits of the most advanced Artificial Intelligence systems are available on the frontlines of crime fighting” said Martin Markiewicz, Silent Eight CEO and Founder.
About Silent Eight:
Silent Eight is a technology company leveraging AI to create compliance platforms for the world’s leading financial institutions. Our mission is to empower our clients in their fight to eliminate financial
crime. Founded in Singapore and with global hubs in New York, London, and Warsaw, we are deployed in over 150 markets. For more information, visit: www.silenteight.com
About TYH Ventures:
TYH Ventures is a family office anchored firm that provides venture capital in the form of both fund and direct investments. TYH’s core thesis includes investing in verticals across a diverse range of industries, and seeks to provide both equity and strategic relationships at the company’s inflection point.
At SC Ventures, we co-create, build and invest to scale breakthrough business models in banking. Find out more about what we do: https://scventures.io/our-business/
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