Financial crime platform Silent Eight has raised $40m in Series B round funding, which will be used to cater to the needs of its expanding customer base.

The company has raised $55m to date, and the recent round brings the firm's total valuation to four times its previous value in October 2020.

Silent Eight technology is designed to help prevent serious fraud and financial crime in a wide range of industries and sectors, particularly making sure to stop illicit funds from entering and moving through the global financial system. Their AI platform for financial crime investigates every suspicious transaction, beneficiary, and customer in real-time.

The recent funding round was led by TYH Ventures and welcomed HSBC Ventures, the firm's latest customer to also become an investor.

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

As part of the company's ongoing development strategy, they expect to hire over 150 data scientists, developers and engineers in 2022 to aid their expansion and cater to the growing market.

Partners are excited to be helping support Silent Eight in their endeavours, and Kolya Miller of TYH Venture says there is significant potential for expansion.

"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 Eights leadership and are fortunate to be involved in such an impactful enterprise."

HSBC Ventures Ore Adeyemi agrees, saying that this will strengthen their partnership.

"HSBC has been pleased with the progress made by Silent Eights 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."

Silent Eight CEO and founder Martin Markiewicz says Silent Eight technology will help those in finance and commerce industries around the world, and the funding will allow the company to make sure the technology is available to a wider range of customers.

"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," he says.

Founded in Singapore, Silent Eight is currently deployed in over 150 markets worldwide.