Tech.London Announces Cybertonica as Winner of Startup to Watch October 2016

Oct 17, 2016

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Tech.London is happy to announce Cybertonica, an artificial intelligence and machine learning product that increases e-payment conversions and fights fraud, as the October 2016 Startup to Watch!

Cybertonica uses artificial intelligence and machine learning of transaction behaviors to evaluate each transaction risk individually and require authentication commensurate with that risk, offering merchants the protections they need while still offering customers the optimal user experience they want in order to go through with a purchase. By building custom, real-time dynamic responses to fraudulent e-commerce and m-commerce actions, up to 50% more legitimate customers will complete purchases without further "human" tests and abandonment rates are lowered by up to 40%.

Tech.London sat down with Joshua Bower-Saul, CEO of Cybertonica Ltd. to learn more.

Tell us about Cybertonica. What makes Cybertonica different from other AI companies?

Cybertonica has a holistic approach to using AI and very clever machine learning to benefit markets, organizations and individual users of systems, primarily transaction-based, but not only in Fintech. We can also help insurers or even medical organizations with masses of data streams to understand. We are not just focused on preventing fraud in payments (that is just where our model works best for monetization), but more on improving sales and consumer experience. We are the "good guys" who are going to help make online sales and user-machine interactions smoother, safer and reliable. Our technical approach is built around the consumer’s data treated anonymously but providing highly determined results for commercial, authentication and the regulatory requirements.

Before we dive to deep into the details of Cybertonica itself, first tell me a bit about your own background. What did you do before founding Cybertonica?

I am a digital generalist who understands deep technology shifts early—and have been building tech companies for 20 years. The first European streaming company, first crowdfunding platform etc. Many have been successful, others not, but all translated to the market a key technology of their moment: streaming, payment online, loyalty, social networks…The work with the team and especially Sergey, our CTO, started when I brought them a product in loyalty for their banking applications a few years ago. They then asked me to advise on the AI developments they were building in terms of product-market fit, so I suggested they bring it to an accelerator in London. They succeeded against stiff competition and then we got the financing based on my joining the team as CEO.

Who is your target customer?

Right now we have to resist the temptation to "boil the ocean". We have rare skills and a developed, user-friendly product that compares well with our leading competitors who have raised 10s of millions. We have sold successfully to payment platforms, e-Wallets but also now to major financial institutions. Our focus is still in the payments sector because were there is friction, there is value in reducing that friction.

How do you think Cybertonica is going to disrupt the market?

Do you mind if we keep that to ourselves for the moment? But seriously, when you see all the brilliant players in this market, either together or through the success of 3 to 5 leaders, we are going to make AI into a tool that humans can use everyday to make their life easier, and businesses can use to make their products and services available to a wider number of customers without an increase in risk. Payments is just the beginning, but it is itself a $20billion dollar market for the services we supply, so that is quite a chunk of work already.

As you know Tech.London’s focus is building the tech and startup community in London. So keeping that in mind, why/how did Cybertonica decide on London? What does Cybertonica benefit most from being in London?

Let’s be frank, maybe even blunt. We chose London in 2015. I am sure this was the right choice at that time, with the expectations we had of the UK’s future path then. London alone in Europe has the power, finance and talent pool that enable a company like ours to become visible on the world market. This may change, but for the moment we want to continue our growth here, despite all the issues with visas, Brexit etc.

And speaking of the London startup community, as co-founder of a startup, what resources in the London ecosystem have contributed to the success of Cybertonica? (For example, co-working spaces, accelerators, networking groups, etc.)

The expertise and the accelerator community are of great value, as is the EPA (Emerging Payments Association) of which we are a member. We are a little less impressed by the financial resources and admin side…but this is the case of so many entrepreneurs who find themselves discouraged by the very governments who truly need them to succeed. We are also quite interested in using AI on our platform to make governments more open to the sharing of talent across borders without any prejudice for the national purse. Indeed, we could help to make it profitable for the UK Plc to have talented migrants on the UK Plc payroll just by using our tech to manage the data.

What’s the one thing you want our readers to know about Cybertonica?

We are a quintessentially London tech business, founded by French, Russians and Americans, hiring British, Turkish, Indian, and Ukrainian colleagues to service customers all over the world. We are belonging to UK organisations and building customers and investment into the UK from China, USA and Israel…remember that this company is part of the UK’s long heritage of assembling talent to serve global business innovation. Cherish us and those like us, we are the future growth of the UK economy.

Is your company interested in becoming a Startup to Watch? Fill out a FREE Tech.London profile and then email us at [email protected]!

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