Singapore-Based Silent Eight, Whose AI-Powered Tech Lets Financial Institutions Enforce Economic Sanctions And Prevent Financial Crimes, Raises A $40M Series B
The silent eight 40m seriespillai from Singapore is the SILENT Eight is a start-up that specializes in AI for the enforcement of economic sanctions and prevention of financial crime, has raised $40 million in Series B funding.
This round was led the way by TYH Ventures, a US-based venture firm that is anchored by a family-owned office as well as a new investor, HSBC Ventures. Silent Eight’s most recent customer to join the investor pool.
Many participants from prior rounds participated in the fundraising, including OTB Ventures, Wavemaker Partners, Aglaia, Standard Chartered Bank’s SC Ventures and veteran angel investor Koh Boon Hwee, who is also the general shareholder for Altara Ventures.
Established by a group of people in Singapore in 2013 Silent Eight has developed an AI platform for financial crime , which investigates suspicious transactions as well as customers, beneficiaries and beneficiaries in real-time. Thanks to the recent funding, it is expected to recruit more than 150 data engineers, scientists and developers in the coming year.
Kolya Miller is the director at TYH Ventures and who will be joining the Silent Eight board of directors and said that the company’s past performance has been impressive and that its future revenue projections are higher.
Ore Adeyemi who is the managing director and head of strategic innovation investment at HSBC said that Silent Eight’s platform has helped to protect this bank against financial crimes. HSBC along with Silent Eight had announced a multi-year agreement in 2021 to improve the bank’s compliance processes.