Cybertonica, a machine learning and AI-powered service for authentication, risk analytics and fraud prevention, has nabbed £2m in its Series A.
London-based venture capital firm Force Over Mass Capital (FOMCAP) led the round, with additional support coming from TrueSight Ventures and Springboard.
Capital from the round will be used to improve its behavioural analytics solution ScreenWiZ. The startup also plans to extend the data and AI capabilities for its Anomalytics solution which helps clients minimise fraud and chargebacks.
Another goal Cybertonica has this year is to grow its technology teams by 50% and double its revenue by June.
Cybertonica uses machine learning and AI technology to manage risk and fraud within banking and payments. The Anomalytics solution is a prevention suite of products including payment anomaly detection, real-time transaction risk scoring and AML threat detection.
FOMCAP partner Filip Coen said, “With its team, products and success to date and the high growth in this sector globally, Cybertonica has enormous potential.
“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.”
The company formed a partnership with Malta-based acquiring bank Acquiring.com, back in 2018. As part of the deal, Cybertonica supported the bank with its payment solutions and ensure they could minimise risks of fraud.
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