Silent Eight, an AI-powered economic sanctions enforcement and financial crime prevention solutions, has bagged $40m in its Series B.
TYH Ventures served as the lead investor, with commitments also coming from OTB Ventures, Wavemaker Partners, SC Ventures, Aglaia, and Altara Ventures chairman and general partner Koh Boon Hwee.
Additionally, HSBC Ventures joined the round, becoming the latest customer to also be an investor.
With the funds, the company plans to expand its technology capabilities to meet the demands of its customers. It also expects to hire over 150 data scientists, developers and engineers in 2022.
Silent Eight offers an AI-powered platform for financial crime that investigates all suspicious transactions, beneficiaries and customers in real-time.
As part of the investment round, TYH Ventures’ Kolya Miller will join the Silent Eight board of directors.
Miller said, “Historic performance has been strong and the future revenue growth projections are even stronger. This is a business that’s poised to scale. We have been incredibly impressed with Silent Eight’s leadership and are fortunate to be involved in such an impactful enterprise.”
Silent Eight has raised a total of $55m in equity, to date. While the valuation of the RegTech was not revealed, it claims it is four-times its previous valuation in October 2020. Since that fundraise, its revenue has grown sixfold, and headcount has tripled.
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