Netacea, the Manchester-based cybersecurity specialist that helps companies prevent online fraud by protecting them against bot attacks, has raised a further £4 million from Mercia Asset Management, which is investing from its own funds and the first Northern Powerhouse Investment Fund (NPIF).
The latest investment will help Netacea to further extend its AI roadmap, expand its product range and continue its growth.
Netacea was established in 2022 as a spin-out from the Intechnica Holdings, an IT consulting business backed by Mercia and the first Northern Powerhouse Investment Fund. Following Intechnica’s sale to US-based Crosslake Technologies last year, Mercia and NPIF retained a stake in Netacea.
The company now employs around 60 staff and has a client base that includes some of the world’s largest online retailers and major brands. It increased revenue by 29% in the financial year to March 2024 and is on course for continued growth in the current year.
Netacea CEO Mick Bradley said: “The cost of online fraud is rising at an alarming rate and with the growth of e-commerce and adoption of offensive AI, is estimated to reach $7.95 trillion by 2027. Solving this problem is not only about stopping attacks, but also understanding the intent, planning and execution.
“Netacea’s industry-leading threat Intelligence, along with our AI-driven intent-based analytics tools, enables us to identify and stop significantly more bot attacks than traditional methods. This latest funding will enable us to accelerate product development and further extend our AI.”
Angela Warner of Mercia said: “Netacea has become a thought leader in its field and Mercia is pleased to have been able to play a key role in its success, and that of Intechnica from which it arose. This investment will enable it to continue its growth. It also reinforces Mercia’s position as a leading cyber security investor.
“Our portfolio companies are addressing critical challenges across the security spectrum – from bot detection and threat intelligence to digital forensics and supply chain risk management. The sustained interest we are seeing in this sector validates our early conviction in these technologies, and we continue to actively evaluate opportunities in this space.”