Cybertonica, a platform using Machine Learning and AI for delivering authentication to the payments and fintech sector, has raised £2 million in Series A funding.
The round is led by the London-based venture capital firm Force Over Mass Capital (FOMCAP), with the participation of TrueSight Ventures and Springboard.
The funding will be used to extend its product in behavioural analytics ScreenWiZe 2.0 and strengthen the data and AI capabilities of the Anomalytics platform. The company’s London headquarters, and tech teams will grow by 50% in the coming months and it expects to double revenue run rate by June.
“Our vision is to build trust in transaction and increased security for businesses and users,” says Joshua Bower-Saul, Cybertonica CEO and co-founder. “Cybertonica will continue to grow throughout Europe and the US. We already provide anti- fraud services to major online retailers, mobile and neo-banking operations in many countries. Our frictionless approach leads to significantly lower risk and improved sales and profit.”
“With its team, products and success to date and the high growth in this sector globally, Cybertonica has enormous potential,” Filip Coen, partner, FOMCAP comments.
“We are excited to invest and join the Board and look forward to working with Joshua and the team and help realise their technical and commercial ambitions. The feedback from existing clients is extraordinary and Cybertonica has all the ingredients to become a leader in its field”.
Cybertonica’s service increases conversion and sales by up to 25% while managing card-not-present and other categories of fraud at world-class compliant standards.
Its ScreenWiZe product adds device risk management through SDKs (iOS and Android) to the mobile authentication and malware prevention for all fintech and payment customers. It has a vision for a world of frictionless authentication and trust in 99.999% of transactions.
This new funding brings the total venture capital raised to £3.5 million in three years of groundwork by the founding team and early team members.