Mercia boosts investment in ‘game-changing’ cybersecurity firm

Mercia Asset Management has completed a £4.4m funding round into a Manchester cybersecurity business, as it looks to be at the forefront of defensive AI software.

Netacea already supports some of the world’s largest global retailers and telecommunications networks with protection from bot attacks that target mobile, web and API applications.

This latest funding round is set to fuel the firm’s commercial progress as it expands both in the UK and internationally.

Mercia now holds a fully diluted 34.2% direct investment stake in Netacea, with its managed funds holding a further 31.2%. Mercia contributed £1.6m to this funding round as part of its direct investment holding, with the remainder of the funds coming from the Mercia-managed Northern VCTs; Northern Powerhouse Investment Fund; and Netacea’s management team.

Dr Mark Payton, CEO of Mercia Asset Management PLC, commented: “Our continuing support reaffirms Mercia’s belief in both Netacea’s technology and the growth potential of the defensive AI software market. Investing in this Manchester-based business also underscores Mercia’s continuing commitment to supporting game-changing businesses based across the UK.”

Keira Shepperson, Director at British Business Bank, said: “This investment alongside Mercia demonstrates the transformational impact that the Northern Powerhouse Investment Fund has on the businesses it supports and the wider business community, helping to facilitate knowledge-sharing and building new bridges and connections.”