SINGAPORE, November 13, 2019 – Artificial Intelligence-powered anti-money laundering and counterterrorism financing startup, Silent Eight, has raised an oversubscribed US$6.2M round as banks and financial institutions face increased scrutiny from regulators.
The fresh capital from this round will be used to hire new employees to support a strong pipeline of customers comprising large banks and insurance companies. The company is hiring for its offices in Singapore, Warsaw, London, and New York and plans to double the headcount by the end of Q1 next year.
Existing investor Wavemaker Partners, Southeast Asia’s leading early-stage venture capital firm focused on enterprise and deep tech startups, led this new round. Other participating investors include SC Ventures, Standard Chartered ’s innovation, fintech investment, and ventures arm, and OTB Ventures, as well as existing investors.
“Silent Eight’s solution learns how people make decisions – both good and bad ones. Its transparent design allows our customers to pick best practices and use them in real life, and discard bad practices and behavior that leads to mistakes. Silent Eight can also explain the reasoning behind every decision the solution makes in plain English. This is the perfect design for use cases where stakes are very high and there is no room for mistakes,” says CEO and co-founder Martin Markiewicz.
A testament to Silent Eight’s enterprise success is Standard Chartered’s investment in this new round. The Bank is Silent Eight’s most significant live deployment. After a successful proof of concept of Silent Eight’s solution, it was implemented in 2018. Today, Silent Eight is optimizing the bank’s name screening process at scale: across all business lines, in over 40 markets, including the US, UK, Singapore, and Hong Kong.
Alex Manson, Global Head of SC Ventures, says: “The complexity of our financial system creates a demand for technologies that make financial crime compliance both more effective and more efficient. Silent Eight uses Artificial Intelligence to improve financial institutions’ name screening process, hence enabling better decisions. By investing in Silent Eight, we will help them scale across our footprint, participate in an area of growth seeing huge investments by financial firms and support our overall commitment to the global fight against financial crime.”
With this new fundraise, Paul Santos, Managing Partner of Wavemaker Partners Southeast Asia, has joined Silent Eight’s Board of Directors: “Year after year, banks continue to face increased scrutiny and regulations. An artificial intelligence-powered engine like Silent Eight is the most effective solution to weed out money laundering and terrorist financing and reduce manpower and compliance risks. Their track record and pipeline speak for themselves. Now, Silent Eight is expanding very quickly. That’s a testament to the fact that they are in a great place.”
Financial firms have paid at least US$28.4B in fines for money laundering and sanctions violations since 2008, according to The Economist. Compliance has become an increasingly strategic function after the financial crisis. Ongoing trade wars around the world have also resulted in increased complications and sanctions.
About Silent Eight
Silent Eight harnesses the power of artificial intelligence to combat money laundering and terrorism financing. Learn more: silenteight.com
About SC Ventures
SC Ventures is Standard Chartered Bank’s innovation, fintech investment and ventures unit. Focused on “rewiring the DNA in banking”, SC Ventures aims to develop an innovation culture and mindset, deepen capabilities and experiment with new business models through an open platform and network of people and partnerships. It runs an eXellerator innovation lab network across Singapore, Shanghai, Hong Kong, London, Nairobi, and San Francisco. For more information, please visit: http://scventures.io/
About Wavemaker Partners
Wavemaker Partners is an early-stage venture capital firm that was founded in 2003 with offices in Los Angeles and Singapore. The firm invests primarily in enterprise and deep tech startups. The firm is Southeast Asia’s go-to seed-stage enterprise and deep tech VC, seeing four successful SEA exits in 2019 alone. Its portfolio includes startups in software, data, AI, and cybersecurity as well as additive manufacturing, precision agriculture, clean tech, and laser communications. Learn more: https://wavemaker.vc/