Netacea Secures $4 Million to Combat Online Fraud
Netacea, a prominent cybersecurity company based in Manchester, UK, has successfully raised an additional $4 million in funding to bolster its efforts in combating online fraud. The latest investment round, led by Mercia Asset Management, aims to strengthen the company’s commitment to enhancing its artificial intelligence (AI) capabilities. With the additional capital, Netacea plans to expand its product offerings and continue its trajectory of growth in a field that is becoming increasingly vital for businesses battling against cyber threats, particularly bot attacks that can undermine their operational integrity.
Founded in 2022 by CEO Mick Bradley, Netacea emerged as a strategic spin-out from Intechnica Holdings with a mission to provide comprehensive protection against cybercriminals.
The company has pioneered an open-source framework that meticulously tracks every phase of an attack, starting from the initial planning by criminals who are intent on infiltrating a company's defenses, all the way through to the subsequent phases where stolen products or information are marketed and sold. By mapping out this intricate process, Netacea is developing a suite of solutions that addresses every aspect of the attack lifecycle, ensuring that it can effectively counteract sophisticated cyber threats.
Currently boasting a workforce of around 60 employees, Netacea has attracted a diverse clientele that includes some of the largest online retailers and well-known brands across the globe. In the financial year ending March 2024, they achieved a remarkable 29% increase in revenue, highlighting the growing demand for their innovative cybersecurity solutions. As the company continues its expansion, it remains firmly positioned for sustained growth, driven by its ongoing investments in technology and deep understanding of the cybersecurity landscape.
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