Cybertonica, an award-winning platform using Machine Learning and AI for delivering authentication, risk analytics and fraud prevention to the payments and FinTech sectors, 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 by Cybertonica 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 the Company expects to double revenue run rate by June.
“Our vision is to build trust in transaction and increased security for businesses and users,” said Joshua Bower-Saul, Cybertonica CEO and Co-Founder. “Cybertonica will continue to grow throughout Europe and the U.S.A. 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 commented. “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. The Company’s vision is 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 3 years of ground work by the founding team and early team members.