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Kindrik Partners advises Silent Eight on USD40million series B financing
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We’re pleased to have advised Silent Eight on its US$40 million series B financing. The investment round was led by TYH Ventures and supported by HSBC Ventures, OTB Ventures, Wavemaker Partners, SC Ventures (Standard Chartered Bank’s venture unit), amongst others.
Silent Eight leverages AI to create compliance platforms for some of the world’s leading financial institutions. As a pioneer in the field of AI enhanced economic sanctions enforcement and financial crime prevention, its platform can investigate suspicious transactions, beneficiaries, and customers in real-time and at significant scale.
Founded in Singapore and operating in multiple markets, Silent Eight has raised US$55milion to date. The latest funding will be used to expand technology functions for its customers, and to hire over 150 data scientists, developers and engineers in 2022.
Partner Lee Bagshaw says:
Financial crime prevention is increasingly the most important topic for institutions and businesses. Artificial Intelligence systems such as Silent Eight’s that can operate rapidly and at scale, reducing manpower and cost, represent the future and we’d expect the business to continue to scale rapidly. Kindrik Partners is particularly delighted to have assisted on this substantial financing led by global investors.
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
