Silent Eight, which leverages AI technology to combat money laundering and terrorism financing, has closed a funding round on $15m.
The investment was led by OTB Ventures, with contributions also coming from Altara Ventures chairman and general partner Koh Boon Hwee and SC Ventures.
Silent Eight did not disclose its valuation, but it claims it has doubled since its previous round which closed last year. The former round was a $6.2m investment from Wavemaker Partners, OTB Ventures and SC Ventures.
Founded in 2013, the RegTech platform was created to solve the human cost of financial crime by utilising machine learning technology to screen financial transactions against sanction lists, criminal records, court cases and other public and private data.
The AI solution is auditable to enable transparent compliance and meet regulatory obligations and sanctions.
Silent Eight Founder and CEO Martin Markiewicz said, “Every bank and every financial institution aims to provide a bespoke customer experience in a secure and seamless way.
“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.”
The company claims to have doubled in size since the beginning of 2020 and is looking to add more large clients by the end of the year. It has also created a number of new tools to help businesses during the pandemic, including continuous real-time name, entity and transaction screening.
Standard Chartered Bank head financial crime compliance surveillance solutions and innovation Praveen Jain said, “At Standard Chartered Bank, we are continually investing to be at the forefront of the ever-changing financial crime landscape and our partnership with Silent Eight brings us new cutting-edge capabilities.
“Every day, Silent Eight’s AI-powered platform is helping our compliance analysts reach decisions faster, while improving quality and consistency in our approach to identifying financial crime risk. The solution has supported us through the COVID- related challenges, and we continue to explore new ways to leverage Silent Eight in our fight against financial crime.”
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