Silent Eight, a Singapore-based regtech firm in the field of artificial intelligence (AI) enhanced economic sanctions enforcement and financial crime prevention, announced Wednesday the closing of a $40 million Series B funding round led by TYH Ventures.

The round was also joined by its latest customer HSBC Ventures, Silent Eight said in a statement.

It also said OTB Ventures, Wavemaker Partners, SC Ventures (Standard Chartered Bank’s venture unit), Aglaia, and Koh Boon Hwee, Chairman and General Partner of Altara Ventures, continued their investment from previous funding rounds.

Meanwhile, Kolya Miller from TYH Ventures is joining the board.

According to the firm, the funding will predominantly be used to expand technology functions in support of its rapidly expanding customer base. The firm expects to hire over 150 data scientists, developers and engineers in 2022.

The company has raised $55 million to date. The latest round brings the firm’s total valuation to four times its previous value in October 2020. In that time revenue has grown sixfold and headcount has tripled.

“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 Chief Executive Officer and Founder.

Silent Eight is a technology company leveraging AI to create compliance platforms for the world’s leading financial institutions. Its mission is to empower its clients in their fight to eliminate financial crime. Founded in Singapore and with global hubs in New York, London, and Warsaw, it is deployed in over 150 markets.

Historic performance has been strong and the future revenue growth projections are even stronger. This is a business that’s poised to scale. We have been incredibly impressed with Silent Eight’s leadership and are fortunate to be involved in such an impactful enterprise.” said Kolya Miller of TYH Ventures.

TYH Ventures is a family office anchored firm that provides venture capital in the form of both fund and direct investments. Its core thesis includes investing in verticals across a diverse range of industries, and seeks to provide both equity and strategic relationships at the company’s inflection point.

“HSBC has been pleased with the progress made by Silent Eight’s AI platform. We look forward to continuing to strengthen our partnership through this investment, and we are excited that my colleague Tom Caine is also joining as a Board Observer to help drive this investment partnership” said Ore Adeyemi from HSBC Ventures.

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