LONDON, UK: Manchester-based cybersecurity firm Netacea has secured £4.4million in a funding round led by Mercia Asset Management, a specialist asset manager with c.£1.4billion of assets under management.

Netacea provides defensive AI software against bot attacks that target mobile, web and API applications, and counts some of the world’s largest global retailers and telecommunications networks among its clients.

The funding will support Netacea’s growth plans both in the UK and internationally. Mercia now holds a 34.2% direct stake in Netacea, with its managed funds holding a further 31.2%. The Northern Powerhouse Investment Fund, the Northern VCTs and Netacea’s management team also participated in the round.

Mercia’s CEO Dr Mark Payton said the investment reaffirms Mercia’s belief in Netacea’s technology and the defensive AI software market, as well as Mercia’s commitment to supporting game-changing businesses across the UK.

Keira Shepperson, Director at British Business Bank, said the investment demonstrates the transformational impact of the Northern Powerhouse Investment Fund on the businesses it supports and the wider business community.

Mercia sells Intechnica Holdings to Crosslake Technologies for £14.5 million