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.