London-based AI company Cybertonica Wins EUR 100,000 Venture Capital Award
From left to right: Alan Nagle (Chief Commercial Officer of Cybertonica), Joshua Bower-Saul (CEO and Co-Founder of Cybertonica), Clive Mitchel (COO of Railsbank), Nigel Verdon (CEO of Railsbank) and Ben Younkman (Manager of VilCap Innovations).
Cybertonica, a fast-growth AI technology offering cross-channel real-time risk and fraud solutions, and fellow UK-based start-up Railsbank, have won offers of €100,000 venture capital investment from MiddleGame Ventures. Both companies were ranked “most ready for investment” by a group of their peers on the final day of the FinTech Europe 2018, a three-month venture development programme for European FinTech and RegTech start-ups.
Twelve early-stage entrepreneurs came together in Berlin and Luxembourg from April to June 2018 for more than 100 hours of workshops and networking. They spent time developing their businesses, meeting with mentors and investors, and participating in Village Capital’s unique peer-selected investment process, in which entrepreneurs are given decision-making power over where to allocate venture capital within their peer group.
“Cybertonica were very proud to be included in the list of 12 companies out of over 1,000 reviewed to join in this great process with Village Capital, PayPal and MiddleGame Ventures. We are in a space that has great promise for future partnerships with all of these players and indeed with our co-prize winners Railsbank we have gone from potential business partners to friends. With the new investments and major contracts that Cybertonica has recently won, it is down to our teamwork, market insights and speed of development that makes the difference. With our CTO and Co-Founder Sergey Velts, CCO Alan Nagle and CPO Olaf Hofmann all contributing to this work, our ranking among the top finishing FinTech start-ups was logical, and the work we put in on the workshops process made it inevitable. Kudos to the Village Capital team and well-impressed by their process and methodology. Special thanks to great mentors and specialists from PayPal, LHOFT, PwC and other participants.”
Claire Alexandre, Head of EMEA Government Relations of PayPal commented: “The first edition of Village Capital’s FinTech Europe 2018 could not have been more exciting for the PayPal teams in Europe! There were two buzzing cities, three workshops, four partners, 12 start-ups and more than 80 mentors. We are thrilled to have joined these amazing men and women to further the digital agenda for financial services and push the frontiers of technology innovation. A warm thanks to Village Capital, MiddleGame Ventures and Luxembourg House of FinTech for their strong partnership and to the entrepreneurs for their contagious ambition.”
Nasir Zubairi, CEO of the LHoFT Foundation said: “This three four-day workshops investment readiness and coaching programme were inspiring. It is great to have achieved so much with 12 incredible FinTech companies and we hope this programme will be a game-changer for the 12 entrepreneurs. It was also great to work with Village Capital, PayPal and MiddleGame Ventures to execute this epic programme. Thank you to all the mentors and Luxembourg community who created valuable insights for all the companies.”
Cybertonica uses Machine Learning and Artificial Intelligence to eliminate fraud, reduce basket drop-off and increase conversion for all channels of e-payments and transaction platforms. The company provides frictionless on-boarding, checkout and secure payments processing for e-commerce and digital banking. 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. Cybertonica has won numerous distinctions and awards since its product came to market, including Best Data Analytics & Science Award at the Merchant Payments Ecosystem 2018 Awards. Cybertonica also was named a finalist in the category “Best Use of Payments Data” for the judging of the Emerging Payments Awards 2018, won Best New Back Office Innovation Award at the Emerging Payments Awards 2017, selected as one of the European FinTech 100 companies, and identified among the 2017 top cybersecurity AI companies by CB Insights. To learn more, please visit cybertonica.com.