Singapore-based Silent Eight, whose AI-powered tech lets financial institutions enforce economic sanctions and prevent financial crimes, raises a $40M Series

singaporebased eight aipowered 40m seriespillai businesstimes

singaporebased eight aipowered 40m seriespillai businesstimes: SILENT Eight, a startup specialising in AI for economic sanctions enforcement and financial crime prevention, has raised US$40 million in Series B funds.

The round was led by TYH Ventures, a US-based venture firm anchored by a family office, and joined by a new backer, HSBC Ventures. The latter is Silent Eight’s latest customer to become an investor.

Several investors from previous rounds also joined the raise, namely OTB Ventures, Wavemaker Partners, Aglaia, Standard Chartered Bank’s SC Ventures and veteran angel investor Koh Boon Hwee, who is also general partner of Altara Ventures.

Founded in Singapore in 2013, Silent Eight has developed an AI platform for financial crime that investigates suspicious transactions, beneficiaries and customers in real-time. With the recent funding, it expects to hire over 150 data scientists, developers and engineers this year.

Kolya Miller, managing partner of TYH Ventures, who is joining Silent Eight’s board, said that the startup’s historic performance has been strong and that future revenue projections are stronger.

Ore Adeyemi, managing director and head of strategic innovation investments at HSBC added that Silent Eight’s platform has helped protect the bank from financial crime. HSBC and Silent Eight had announced a multi-year partnership in 2021 to enhance the bank’s compliance operations.

Tom Caine, venture capital investor at HSBC Ventures, will join as a board observer.

Silent Eight has raised US$55 million to date. According to data platform VentureCap Insights, the startup was valued at US$134.6 million with the most recent fundraise.