Netacea Raises £4m to Combat Bot Attacks
Deal News | Dec 10, 2024 | Mercia Fund Management (Mercia Ventures)
Netacea, a cybersecurity firm specializing in protecting against bot attacks, has secured £4 million in funding from Mercia Asset Management and the Northern Powerhouse Investment Fund (NPIF I). This investment aims to support Netacea's AI advancements and product extension. Founded in 2022 as a spin-out from Intechnica Holdings, Netacea's fifth-generation AI platform not only detects and prevents current cyber threats but also anticipates future attacks. The BLADE framework, an open-source initiative developed by the company, maps attack stages and is becoming a security standard. Netacea reported a 29% revenue increase in the financial year to March 2024, with a workforce of 60 and a diverse client base. Mick Bradley, CEO, emphasized the growing cost of online fraud, projected to hit $7.95 trillion by 2027. Angela Warner from Mercia highlighted Netacea's leadership in cybersecurity while positioning Mercia as a significant investor in the sector. The announcement coincides with the launch of Northern Powerhouse Investment Fund II by the British Business Bank, aimed at supporting Northern England's economic and business development.
Sectors
- Cybersecurity
- Private Equity
Geography
- United Kingdom – Netacea is based in Manchester, UK, and the investment comes from UK-based Mercia Asset Management and Northern Powerhouse Investment Fund.
Industry
- Cybersecurity – Netacea operates within the cybersecurity industry by developing AI-driven solutions to protect against online threats, specifically bot attacks.
- Private Equity – Mercia Asset Management's investment in Netacea highlights the involvement of private equity in funding emerging cybersecurity businesses.
Financials
- £4 million – New funding raised by Netacea from Mercia Asset Management and NPIF.
- $7.95 trillion – Projected cost of online fraud by 2027 as highlighted by Netacea.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Netacea | Target Company | Company | A cybersecurity firm focusing on AI-driven solutions to prevent bot attacks. |
| Mercia Asset Management | Investor | Company | A private equity firm investing in Netacea to advance its cybersecurity capabilities. |
| Northern Powerhouse Investment Fund (NPIF I) | Co-Investor | Government | A government-backed fund designed to stimulate economic growth in Northern England. |
| Intechnica Holdings | Selling Company | Company | Original parent company of Netacea before its spin-out and sale to Crosslake Technologies. |
| Crosslake Technologies | Buyer | Company | US-based company that acquired Intechnica Holdings. |
| British Business Bank | Government Entity | Government | Manages the Northern Powerhouse Investment Fund, aimed at supporting SME growth. |