Silent Eight Secures US$40 Million in Series B Funding Roundby Fintech News Singapore March 10, 2022
Silent Eight, a Singaporean regtech startup leveraging artificial intelligence (AI), announced the closing of a US$40 million Series B funding round, bringing its total funds raised to US$55 million.
This round brings the firm’s total valuation to four times its previous value in October 2020. The company said that in that time revenue has grown sixfold and headcount has tripled.
The round was led by TYH Ventures who will have its Managing Partner Kolya Miller join Silent Eight’s board.
The company also welcomed its client HSBC Ventures who will have its representative Tom Caine joining its board.
OTB Ventures, Wavemaker Partners, SC Ventures, Aglaia, and Koh Boon Hwee, Chairman and General Partner of Altara Ventures, continued their investment from previous funding rounds.
Silent Eight said that the funding will predominantly be used to expand technology functions to support its rapidly expanding customer base.
The firm expects to hire over 150 data scientists, developers and engineers in 2022.
“We are here to support our customers and the policy makers of the world by ensuring that the benefits of the most advanced Artificial Intelligence systems are available on the frontlines of crime fighting,”
said Martin Markiewicz, Silent Eight CEO and Founder.