Funding

Silent Eight Raises Total of US$15 Million in Latest Fund Raising Round

Silent Eight, Singaporean regtech startup leveraging artificial intelligence (AI), completed a new round of early-stage funding bringing the company’s total capital raised to US$15 million.

The investment round was led by OTB Ventures, VC firm investing in technology businesses originating from Central and Eastern Europe. It was supported by Koh Boon Hwee, Chairman and General Partner of Altara Ventures, and SC Ventures – the innovation, fintech investment and ventures arm of Standard Chartered Bank. All are existing investors of the company.

This round of investment is said to have doubled Silent Eight’s valuation from the company’s 2019 Series A funding, reflecting strong momentum with banks and financial institutions across the world.

Founded in 2013, Silent Eight’s AI-powered solution helps organisations combat money laundering and terrorist financing, with an auditable technology process to enable transparent compliance with new regulatory obligations and economic sanctions.

With a team of professionals in New York, London and Singapore – together with a tech R&D centre in Warsaw – Silent Eight enables banks and financial institutions, such as Standard Chartered Bank, to transact with confidence and meet regulatory requirements.

Since the beginning of 2020, Silent Eight is siad to have doubled in scale, with more and larger clients added to its roster and a growing pipeline going into Q4. The company has also built new solutions to help banks to navigate new challenges brought on by Covid-19.

To address this new dynamic, Silent Eight has launched an on-demand cloud-based AI solution to enable continuous real-time name, entity and transaction screening.

Martin Markiewicz

Martin Markiewicz, Founder and CEO at Silent Eight said:

“As financial criminals get savvier in their techniques, our team’s goal is to provide a unique solution that prevents them from endangering the global economy and profiting from those most vulnerable. We are very encouraged to see our investors’ confidence in our product, and we are proud to support our clients in their continued diligence to make the world safer.”

Featured image credit: Edited from Unsplash