Silent Eight's software uses generative AI, similar to the technology behind the ChatGPT chatbot, and is trained on several smaller models specific to different tasks. This allows it to provide a comprehensive solution for financial institutions, including identifying discrepancies in names across languages. The company's success is attributed to its strategic partnerships with prominent financial institutions, with Standard Chartered being the first bank to adopt the software in 2017. The software is significantly cheaper than employing a large team of human investigators, according to CEO Martin Markiewicz.
Key takeaways:
- Singapore-based company Silent Eight, which uses AI to combat financial crimes, aims to be ready for an IPO by the end of 2025 and aspires to list on the Nasdaq in the United States.
- The company's AI-powered software is designed to automate and streamline the investigation process of financial crimes, reducing costs and ensuring regulatory compliance.
- Major banks, including Standard Chartered and HSBC, have already adopted Silent Eight’s software, which is expected to achieve threefold revenue growth in 2023.
- Silent Eight closed a $40 million Series B funding round in March 2022 and aims to provide a technology solution that prevents financial criminals from engaging in the global economy.