Netacea, a UK-headquartered cybersecurity specialist that helps companies prevent online fraud by protecting them against bot attacks, has raised a further £4 million. The investment came from Mercia Asset Management, which is investing from its own funds and the first Northern Powerhouse Investment Fund (NPIF) that backed Little Journey and Exciting Instruments.
This follows the $12 million funding raised back in 2022. The latest investment will help Manchester-based Netacea to further extend its AI roadmap, expand its product range and continue its growth.
What problem does Netacea solve?
Online bots account for over half of all fraud cases, with their growing sophistication fueled by advances in offensive AI. These bots can exploit vulnerabilities faster and more effectively than traditional cybersecurity measures can counter.
Founded in 2022 as a spin-out from Intechnica Holdings by Jeremy Gidlow and Andy Still, Netacea’s AI-powered platform not only prevents live attacks but also predicts and preempts future threats. Recognising the escalating threat of bot-driven online fraud, the team identified a gap in existing cybersecurity solutions.
After Intechnica’s acquisition by US-based Crosslake Technologies, Netacea became a standalone entity, retaining its investors and doubling down on its mission to combat bot-related fraud.
Innovating cybersecurity with AI
Netacea’s technology stands out with its fifth-generation AI, capable of mapping the lifecycle of cyberattacks. The platform detects and mitigates against bot attacks that target mobile, website, and API applications. Netacea’s unique agentless approach does not require code to be inserted on customers’ web pages, allowing it to stay hidden from attackers while also protecting mobile apps and APIs.
The company’s proprietary BLADE framework provides businesses with a comprehensive view of an attack from its initial planning stages to the eventual monetisation of stolen data or products. This open-source framework is gaining traction as a standard tool for security teams globally.
As bots become an increasingly pressing threat, this proactive approach to cybersecurity positions it as a key player in protecting businesses worldwide.
Mick Bradley, CEO of Netacea, 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 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 cybersecurity 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.”
The post Netacea lands £4M to deploy AI in the battle against bot fraud appeared first on Tech Funding News.