Manchester-based cybersecurity firm Netacea has secured £4 million to enhance its battle against online fraud.
- The investment, led by Mercia Asset Management from its own funds and the Northern Powerhouse Investment Fund, aims to extend Netacea’s AI capabilities.
- Netacea is focused on understanding and preventing bot attacks, which are responsible for a significant portion of online fraud cases.
- This funding will allow Netacea to improve its threat intelligence and intent-based analytics tools, making them a key player in the cyber defense sector.
- Industry leaders acknowledge the growing threat of sophisticated bot attacks, highlighting the urgency of Netacea’s mission.
Netacea, a cybersecurity firm based in Manchester, has successfully raised an additional £4 million to advance its efforts in combating online fraud. The funding was sourced from Mercia Asset Management and the Northern Powerhouse Investment Fund. This financial boost is intended to support the enhancement of Netacea’s artificial intelligence roadmap and the expansion of its product offerings, positioning the company for continued growth.
As online fraud continues to rise with the proliferation of e-commerce and evolving AI technologies, Mick Bradley, CEO of Netacea, emphasizes that solving these issues requires not just stopping the attacks, but comprehensively understanding the intent behind them. Netacea’s advanced threat intelligence system, powered by AI-driven intent-based analytics tools, has proven more effective in detecting and preventing bot attacks compared to traditional methods. Bradley states, ‘Solving this problem is not only about stopping attacks, but also understanding the intent, planning and execution.’
Bots are involved in more than half of online fraud events, and the use of offensive AI is making these threats more aggressive and challenging to mitigate. Netacea’s innovative fifth-generation AI technology not only addresses live threats but also predicts potential future attacks, offering a proactive solution to cyber threats.
Originally a spin-out from Intechnica Holdings, Netacea was established in 2022. It has since grown into a company employing around 60 staff members. Despite the sale of Intechnica to Crosslake Technologies, Mercia and the Northern Powerhouse Investment Fund have retained their stake in Netacea, demonstrating ongoing confidence in its strategic direction.
Angela Warner from Mercia expressed firm belief in the firm’s potential, noting that the financial backing will help Netacea sustain its growth trajectory. She highlights Mercia’s commitment to cybersecurity innovations, acknowledging that ‘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.’
Netacea’s latest funding round represents a significant stride in advancing cybersecurity measures, addressing urgent threats posed by online fraud.
