Silent Eight raises $40 million in Series B
– AI platform enforces economic sanctions and investigates all other financial crime risks
– Capital will support technology functions globally, with headcount expected to double by the end of 2022
– Valuation has quadrupled since the last funding round in 2020
SINGAPORE, March 10, 2022 /PRNewswire/ — Silent Eight, a pioneer in AI-enhanced economic sanctions enforcement and financial crime prevention, today announces the closing of a $40 million Series B funding round. The round was led by TYH Ventures and welcomed HSBC Ventures, the company’s latest client to also become an investor.
OTB Ventures, Wavemaker Partners, SC Ventures (a venture unit of Standard Chartered Bank), Aglaia and Koh Boon HweeChairman and General Partner of Altara Ventures, continued their investment from previous funding rounds. Kolya Miller of TYH Ventures joins the Board of Directors.
Every day, millions of financial crime professionals work diligently to prevent illicit funds from entering and flowing 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 is pleased with the progress made by Silent Eight’s AI platform,” said Ore Adeyemi of HSBC Ventures. “We look forward to continuing to strengthen our partnership through this investment, and we are delighted that my colleague tom cain also joins as a board observer to help drive this investment partnership.”
Silent Eight raised $55 million nowadays. Today’s round brings the company’s total valuation to four times its previous value in October 2020. During this period, revenues have increased sixfold and the workforce has tripled.
“Historical performance has been strong and projections for future revenue growth are even stronger. This is a business that is 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 company.”
Today’s funding will primarily be used to expand technology functions in support of Silent Eight’s growing customer base. The company plans to hire more than 150 data scientists, developers and engineers in 2022.
“We are here to support our customers and the world’s policy makers by ensuring the benefits of the most advanced artificial intelligence systems are available on the frontlines of the fight against crime,” said Martin MarkiewiczCEO and Founder of Silent Eight.
About Silent Eight:
Silent Eight is a technology company leveraging AI to build 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, Londonand Warsaw, we are deployed in more than 150 markets. For more information visit: www.silenteight.com
About TYH Ventures:
TYH Ventures is a company rooted in a family office that provides venture capital in the form of funds and direct investments. TYH’s central thesis includes investing in verticals across a wide range of industries and seeks to provide both equity and strategic relationships at the inflection point of business.
Global Marketing Director, Silent Eight
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SOURCE Silent Eight Pte. ltd.