SG regulation tech firm nets $40m in HSBC-backed series B round

Singapore-based Silent Eight, a startup offering AI-backed compliance platforms for financial institutions, raised US$40 million in a TYH Ventures-led series B round, which was joined by HSBC Ventures and Wavemakers Partners.

Photo credit: Silent Eight

The new capital brings Silent Eight’s total funds raised to US$55 million to date. Without going into specifics, the firm said the round also saw its valuation go up 4x from that in October 2020, while its revenue has grown 6x and headcount has risen 3x since.

Silent Eight’s system uses data for investigations into money laundering and terrorist financing activities. Its AI-powered tech also enforces economic sanctions and investigates all other financial crime risks.

Martin Markiewicz, who serves as the company’s CEO, founded the company in 2013. Before that, he served as the CEO and founder of Sevenflow Investments.

Silent Eight will use the new funding to expand its platform’s capabilities and help it hire over 150 data scientists, developers, and engineers this year.

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Other backers in the round include:

• OTB Ventures
• SC Ventures (Standard Chartered Bank’s venture unit)
• Aglaia
• Koh Boon Hwee, chairman and general partner of Altara Ventures