Intechnica boosted by £8.5m investment to support expansion
Manchester tech company Intechnica has completed an £8.5m funding round to accelerate its growth in both the UK and US markets.
Mercia-backed Intechnica has secured a further £1.2m from the investment firm, alongside a £5m investment by the Mercia advised/managed Northern VCTs and £2.3m from existing private investors and Rupert Cook, the recently appointed non-executive chairman of Intechnica’s cybersecurity business, Netacea.
Following this investment, Mercia holds a 24.4% equity stake in Intechnica Group, with the Northern VCTs holding a further 10.6% equity stake.
Intechnica Group comprises Netacea and the well-established Intechnica consulting business, which offers services including digital transformation, technical due diligence for investors or corporate finance advisers, and Data Science as a Service (DSaaS).
Netacea is a fast-growing cybersecurity business that detects robotic-based security attacks that target mobile, web and API applications.
Mark Payton, CEO of Mercia, said: “Netacea is on the front line of the multi-billion-pound cybersecurity threat that faces all organisations today.
“With the majority of internet traffic made up of malicious bots, Netacea is providing critical security infrastructure to protect the revenues of businesses globally and customer demand is high.
“By providing the right funding and leveraging our extensive network, Mercia has supported Intechnica Group on a complex journey, helping it to develop and launch its valuable Netacea offering into new markets.
“It is a great example of Mercia’s Complete Connected Capital which has supported Intechnica Group’s two founders, Jeremy Gidlow and Andy Still, to help deliver an ambitious growth plan internationally.
“We look forward to our continued relationship with Jeremy, Andy and now Rupert as the business scales both in the UK and overseas.”