Netacea, a Manchester cybersecurity company, has secured an additional £4 million in funding to enhance its battle against online fraud.
- The funding, led by Mercia Asset Management, will support the company’s AI and product development.
- Online fraud is becoming increasingly costly, with projections reaching $7.95 trillion by 2027 due to advanced bot technology.
- Netacea’s AI-driven platform aims to provide proactive solutions against aggressive bot attacks.
- The investment underscores the role of Netacea in advancing cybersecurity solutions.
Netacea, based in Manchester, has successfully raised £4 million in additional funding aimed squarely at combating online fraud. This funding round, spearheaded by Mercia Asset Management, will bolster the company’s efforts in expanding its artificial intelligence capabilities and product offerings.
The cost of online fraud is projected to hit an alarming $7.95 trillion by 2027. Mick Bradley, CEO of Netacea, highlighted the urgency of addressing this issue, noting that understanding the intent and execution of fraud is as crucial as stopping the attacks themselves. Netacea’s threat intelligence and intent-based analytics tools are paving the way in identifying and neutralising bot threats, offering a marked improvement over traditional methods.
Bots are responsible for more than half of these fraud incidents. Advances in ‘offensive AI’ have made them more aggressive and challenging to combat. Netacea’s platform not only detects and prevents ongoing attacks but also warns of future threats. This represents a significant step in staying ahead in the cybersecurity landscape.
Established as a spin-off from Intechnica Holdings in 2022, Netacea has grown substantially, employing around 60 individuals. Following Intechnica’s acquisition by Crosslake Technologies, Mercia, along with the Northern Powerhouse Investment Fund, retained a stake in the company, positioning Netacea as a leader in cybersecurity innovation.
Angela Warner from Mercia commented on Netacea’s progress, noting its role as a thought leader in cybersecurity. She expressed pride in Mercia’s involvement and the validation this investment provides to continue Netacea’s growth and reinforce Mercia’s standing as a foremost investor in cybersecurity technology.
The latest investment highlights Netacea’s significant progress in cybersecurity innovation and its pivotal role in combating online fraud.
