SG’s Silent Eight bags $6.2m in Series A led by Wavemaker Partners

Artificial intelligence. Photo: unsplash

Silent Eight, a Singapore-based artificial intelligence-powered anti-money laundering and counterterrorism financing startup, has raised $6.2 million in an oversubscribed series A round led by early-stage VC firm Wavemaker Partners, the company said in a statement.

The round also saw the participation of Standard Chartered’s venture arm SC Ventures and OTB Ventures, besides Silent Eight’s existing investors.

Silent Eight helps financial institutions manage their compliance using the artificial intelligence system. The proceeds from the funding round will be allocated to ramp up hiring to support a strong pipeline of customers comprising large banks and insurance companies.

The company is hiring for the team at its offices in Singapore, Warsaw, London, and New York and plans to double the headcount by the end of the first quarter next year.

“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,” says CEO and co-founder Martin Markiewicz.

“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,” he added.

According to The Economist, the financial firms have paid at least $28.4 billion in fines for money laundering and sanctions violations since 2008.

That means compliance has become an increasingly important function after the financial crisis, with an ongoing trade war around the world have also resulted in increased complications and sanctions.

Standard Chartered is one of the most significant clients for Silent Eight.

Silent Eight, which won the Monetary Authority of Singapore’s 2017 Fintech Hackcelerator award, bagged seed funding investment from SGInnovate in 2014.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.