Silent Eight, an AI-based financial crime compliance service, has closed a $40 million Series B fundraising round led by HSBC Ventures, the firm's latest customer. 

The financing was led by TYH Ventures, with participation from OTB Ventures, Wavemaker Partners, Standard Chartered's SC Ventures, Aglaia, and Koh Boon Hwee, chairman and general partner of Altara Ventures. Silent Eight's AI technology for financial crime conducts real-time investigations into any questionable transaction, beneficiary, or consumer. 

"HSBC Ventures is satisfied with the progress made by Silent Eight's AI technology," says HSBC Ventures' Ore Adeyemi. "We look forward to using this investment to further deepen our cooperation." 

Silent Eight has amassed a total of $55 million to date. The new round increases the firm's total valuation to four times its October 2020 level. Revenue has increased sixfold and headcount has tripled in that time. With the additional capital, the company anticipates hiring around 150 data scientists, developers, and engineers in 2022.