Silent Eight, a Singapore-based AI-powered firm, has successfully obtained $40 million in Series B funding. With significant support from a family office, the American venture firm TYH Ventures spearheaded the investment round.
The financing also included participation from a fresh investor, HSBC Ventures. It’s interesting to note that HSBC Ventures had previously used Silent Eight services before deciding to invest.
Reputable investors from earlier fundraising rounds have continued to support the business. These investors include the renowned angel investor Koh Boon Hwee, who also acts as the general partner of Altara Ventures, OTB Ventures, Wavemaker Partners, Aglaia, SC Ventures (a division of Standard Chartered Bank), and others.
Silent Eight, established in Singapore in 2013, specializes in using AI to support efforts to prevent financial crime and implement economic sanctions. Their state-of-the-art AI software actively examines, and tracks suspect customers, recipients, and transactions in real-time.
With the latest infusion of cash, the company hopes to considerably increase its employees, with an annual goal of hiring more than 150 data scientists, developers, and engineers.
Kolya Miller, managing partner at TYH Ventures, now a member of Silent Eight’s board, lauded the business for its outstanding past performance and expressed confidence in its anticipated revenue growth.
The platform developed by Silent Eight was essential in protecting HSBC against financial crime, says HSBC’s Director of Strategic Innovation Investments, Ore Adeyemi. In 2021, the two parties established a multi-year cooperation to improve HSBC’s compliance processes.
Tom Caine, a venture capitalist with HSBC Ventures, will join Silent Eight as a board observer as part of the investment agreement.
A total of $55 million has been successfully raised for Silent Eight. According to information from VentureCap Insights, the startup’s newest fundraising round increased its spectacular valuation to $134.6 million.
Overall, Silent Eight’s continued success and unique AI-driven strategy for fighting financial crime continue to garner a lot of attention and funding from both new and current backers.
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Frequently Asked Questions
What is Silent Eight, and what recent achievement has it made?
Silent Eight is a Singapore-based AI-powered firm specializing in fighting financial crime and implementing economic sanctions. The company recently secured $40 million in Series B funding, with TYH Ventures and HSBC Ventures being the major investors.
Which investors participated in Silent Eight’s latest financing round?
The Series B funding round for Silent Eight saw significant support from TYH Ventures, an American venture firm, and HSBC Ventures. Additionally, earlier reputable investors such as Koh Boon Hwee, Altara Ventures, OTB Ventures, Wavemaker Partners, Aglaia, and SC Ventures (a division of Standard Chartered Bank) continued to back the business.
How has Silent Eight’s AI software been utilized to combat financial crime?
Silent Eight's advanced AI software plays a vital role in preventing financial crime. It actively examines and tracks suspicious customers, recipients, and transactions in real time, helping financial institutions like HSBC to enhance their compliance processes and protect against illicit activities.
What are Silent Eight’s plans following the recent funding round?
With the infusion of $40 million in Series B funding, Silent Eight aims to expand its workforce significantly. The company plans to hire over 150 data scientists, developers, and engineers annually to strengthen its AI-driven capabilities.
