The IT Nerd

Silent Eight, a pioneer in the field of AI enhanced economic sanctions enforcement and financial crime prevention, today announces the closing of a $40m Series B funding round. The round was led by TYH Ventures and welcomed 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, Chairman and General Partner of Altara Ventures, continued their investment from previous funding rounds. Kolya Miller from TYH Ventures is joining the board.

Everyday millions of financial crime professionals work diligently to stop illicit funds from entering and moving through the global financial system. Silent Eight’s AI platform for financial crime investigates every suspicious transaction, beneficiary, and customer in real-time. Perfectly researched and explained every time at unparalleled speed and scale.  

Silent Eight has raised $55m to date. Today’s 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.

Today’s funding will predominantly be used to expand technology functions in support of Silent Eight’s rapidly expanding customer base. The firm expects to hire over 150 data scientists, developers and engineers in 2022.

Silent Eight is a technology company leveraging AI to create compliance platforms for the world’s leading financial institutions. Their mission is to empower our clients in their fight to eliminate financial crime. Founded in Singapore and with global hubs in New York, London, and Warsaw, they are deployed in over 150 markets. For more information, visit: www.silenteight.com

Silent Eight announced today that it will offer its powerful artificial intelligence (AI) solution for name, entity, and transaction alert adjudication on-demand, through the remainder of 2020. The decision comes in the wake of the current and ongoing pandemic, which has placed significant constraints and challenges on banks and financial institutions (FIs). These most notably include increasing and burdensome alert backlogs and unprecedented levels of cybercrime. The pandemic has also impacted the ability of both government and private sector institutions to meet their anti-money laundering and counter-terrorist financing (AML/CFT) obligations.

Silent Eight’s AI has historically been installed on-premise for Tier 1 institutions to solve name, entity, and transaction alerts. Now the solution will be widely accessible to a broader market, and across more sectors, as a means of providing immediate and ongoing backlog relief, without requiring a long term commitment. 

The custom AI is configurable in as few as two (2) weeks via cloud deployment and offers a new way for banks and FIs to solve alerts in a scalable and agile manner in real time, regardless of external conditions such as COVID-19.

The on-demand AI is available immediately. Clients pay only for alerts solved, with no minimum volume commitment.

Features and benefits of the AI include:

• Fully customized; learns from your institutional processes and behavior
• Military-grade encryption
• Deployable in as few as 2 weeks
• No limit on geographies, or hits per alert
• Covers any type of alert: Adverse Media, PEP, Sanctions, Customer Due Diligence

To learn more, visit www.silenteight.com.