A Russian start-up called Cybertonica raised £2m from Force Over Mass Capital, a London-based VC fund that led this investment round in a consortium which also included TrueSight Ventures and Springboard, Firrma.ru reported. The start-up is a resident of the IT Cluster at Moscow’s Skolkovo Foundation.
Cybertonica helps its customers put together a comprehensive fraud monitoring process, reducing risks while improving conversion funnels. At the heart of the solution is a combination of adaptive authentication and transaction analysis technologies based on machine learning and artificial intelligence.
The start-up is marketing its services to large Internet retailers, mobile communications operators and neobanking operators across Russia, the U.S., and Europe.
Cybertonica wants to use the new investment to boost the functionality of its ScreenWiZe product by adding behavioral analytics, and to enhance artificial intelligence in its Anomalytics platform. The management has announced plans to increase by 50% the company’s technology and research teams in the next few months to improve the quality of services and step up revenue.