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HSBC Backs A $40M Series B Round For A Singapore-Based Regulation Tech Business

Data used by Silent Eight’s technology is to investigate money laundering and terrorism financing.

HSBC Backs A $40M Series B Round For A Singapore-Based Regulation Tech Business

Silent Eight, a Singapore-based business that provides AI-powered compliance systems for financial institutions, has secured US$40 million in a series B round headed by TYH Ventures which was joined by Wavemakers Partners and HSBC Ventures.

Silent Eight’s fresh funding has raised the total to US$55 million. Without going into detail, the corporation stated that its valuation has increased by 4x since October 2020, with sales increasing by 6x and workforce increasing by 3x.

Data used by Silent Eight technology is to investigate money laundering and terrorism financing. Its AI-enabled technology also imposes economic sanctions and probes all other forms of financial wrongdoing.

The firm was created in 2013 by Martin Markiewicz, who also serves as its CEO. Prior to it, he was the CEO and founder of Sevenflow Investments

Silent Eight plans to use the fresh capital to enhance the functionality of its platform and recruit over 150 engineers, developers, and data scientists.

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