Silent Eight announced the closing of a $40 million Series B funding round. The round was led by TYH Ventures and included 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, chair and general partner of Altara Ventures, continued their investment from previous funding rounds.
Silent Eight’s AI platform for financial crime investigates every suspicious transaction, beneficiary, and customer in real-time. The funding will predominantly be used to expand technology functions in support of the startup’s rapidly expanding customer base. The firm expects to hire over 150 data scientists, developers and engineers in 2022.
“HSBC has been pleased with the progress made by Silent Eight’s AI platform,” said Ore Adeyemi from HSBC Ventures, in a statement. “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. This round brings the firm’s total valuation to four times its previous value in October 2020. In that time revenue has grown six-fold and headcount has tripled.
“We are here to support our customers and the policy makers of the world by ensuring that the benefits of the most advanced artificial intelligence systems are available on the frontlines of crime fighting,” said Martin Markiewicz, Silent Eight CEO and founder, in a statement.