AI-based financial crime compliance outfit Silent Eight has closed a $40m Series B funding round, which welcomed HSBC Ventures, the firm’s latest customer, as an investor.
Led by TYH Ventures, the round also featured top-up investments from OTB Ventures, Wavemaker Partners, Standard Chartered's SC Ventures , Aglaia, and Koh Boon Hwee, chairman and general artner of Altara Ventures
Silent Eight’s AI platform for financial crime investigates every suspicious transaction, beneficiary, and customer in real-time.
“HSBC has been pleased with the progress made by Silent Eight’s AI platform,” says Ore Adeyemi from HSBC Ventures. “We look forward to continuing to strengthen our partnership through this investment."
Silent Eight has raised $55m to date. The latest 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.
With the new funding in place, the firm expects to hire over 150 data scientists, developers and engineers in 2022.