Silicon Valley Bank became the latest casualty in the financial industry after it collapsed due to failing to raise capital. The FDIC-insured bank’s closure is the biggest failure since 2008.

The news sent shockwaves throughout the tech industry, with many startups using Silicon Valley Bank for their financial needs. CNBC reported that the bank’s assets were transferred to a newly-formed institution, and the bank’s customers will still be able to access their accounts.

The bank’s failure was not blamed on regulators, as Bloomberg reported that regulators had monitored the bank’s activity closely.

Silicon Valley Bank is known for providing loans to startups and venture capital firms. It was founded in 1983 and became a publicly-traded company in 2020. The New York Times reported that the bank had experienced a run on deposits prior to its collapse.

The news of Silicon Valley Bank’s failure comes as the tech industry is seeing record levels of investment, particularly in areas such as artificial intelligence and cybersecurity. The collapse of the bank could have significant ripple effects on the industry’s financial ecosystem.