Silot an AI platform for intelligent financial decisions, recently completed its A Round with $8 million. With SBI Investment being the lead investor, followed by Sumitomo Corporation, MUFG's subsidiary Krungsri Finnovate, and the previous investor Arbor Ventures, the funding Silot raised will focus on the R&D of Knowledge Graph technology, market expansion, and financial products innovation.
Silot was established in early March 2017 in Singapore, fueled by the seed funding from China's No.1 early-stage VC ZhenFund. In December 2017, Arbor Ventures and Eight Roads Ventures joined as its Pre-Series A investors.
At the core of Silot's mission is to assist banks in the transition of traditional operation and decision-making to fast and scalable AI technology by tackling some key factors that hinder the potential growth and expansion in banks, such as poor data connectivity, scattered system, and the lack of AI use scalability.
With its scalable AI product empowering banks' payment experience, onboarding efficiency, credit decisions etc., Silot is developing rapidly with the tendency to disrupt the financial industry. In 2018, Silot became the Overall Winner of Visa's Everywhere Initiative in the APAC Region, and the only Southeast Asian company selected into MasterCard Start Path Program. Silot's current clients include major banks in Southeast Asia such as Nobu Bank under Lippo Group in Indonesia, and Thailand's largest card-issuer Krungsri Bank, the latter of which also became one of the co-investors in Silot's Series A round.
Representative Director President and CEO of SBI Holdings, Mr. Yoshitaka Kitao says: "Silot's intelligence banking platform enables banks to leverage the power of AI effectively and efficiently using Knowledge Graph technology. This intelligent platform is disruptive in the financial industry by connecting to banks with a low cost and bringing drastic operational improvement. As a stakeholder of Silot, SBI Group would love to assist it in empowering banks in both Japan and other Asian countries in the ear of AI."
Earlier this year, Silot was ranked by CIO Outlook (U.S.) as the Top 20 Banking Tech Solution Provider and being selected for Plug and Play ADGM (Abu Dhabi Global Market). While China is already on the fast track toward a cashless society, the majority of emerging markets, including Southeast Asia, are in great demand of an informed integrator to help them build efficient and scalable solutions and to tackle compatibility issues intelligently. And this, is where Silot gets to shine.