Netacea, a cybersecurity startup that protects companies against bot attacks, has raised £4M from Mercia Asset Management, which is investing from its own funds and the first Northern Powerhouse Investment Fund (NPIF).
With the funds, the Manchester-based startup will further extend its AI roadmap, expand its product range and continue to grow.
Netacea’s platform detects and prevents cyberattacks by warning when they are imminent.
The company’s open-source framework maps every stage of an attack, from advance planning as criminals seek ways to breach a company’s defences to selling the products or information afterwards. The BLADE framework, as it is known, is fast becoming the standard model for business security teams and Netacea is developing products and services to cover all stages of the attack process.
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 their 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.
Mick Bradley, CEO of Netacea, commented: “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 from Mercia added: “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. *