Silent Eight, a pioneer in the field of artificial intelligence (AI) enhanced economic sanctions enforcement and financial crime prevention announced the closing of a $40 million 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.
Ore Adeyemi from HSBC Ventures said, “HSBC has been pleased with the progress made by Silent Eight’s AI platform. 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 $55 million 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.
Miller said, “Historic performance has been strong and the future revenue growth projections are even stronger. This is a business that’s poised to scale. 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.
Martin Markiewicz, CEO and founder of Silent Eight said,“We are here to support our customers and the policy makers of the world by ensuring that the benefits of the most advanced AI systems are available on the frontlines of crime fighting”.
Re-disseminated by The Asian Banker