Silent Eight has completed a new round of early-stage funding, bringing its total capital raised to $15 million.

The investment was led by OTB Ventures and Wavemaker Partners, supported by Koh Boon Hwee, chairman of Altara Ventures, and SC Ventures, the ventures arm of Standard Chartered Bank. The latest fundraise doubles Silent Eight’s valuation from its 2019 Series A round.

The new investment will support research and development from its European base in Warsaw, along with further expansion into the US and Asia.

Founded in 2013, Silent Eight uses machine learning technology to screen financial transactions against sanctions lists, criminal records, court cases and other public and private data.

Its solutions are deployed by firms in over 70 countries helping them to reduce these risks, backed by teams in New York, London and Singapore - along with a tech research and development centre in Warsaw.

Since the beginning of this year, Silent Eight has doubled in scale, with more and larger clients added to its roster. It has also launched an on-demand cloud-based artificial intelligence solution to enable continuous real-time name, entity and transaction screening.

Founder and chief executive Martin Markiewicz said: “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.

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