Manchester-based cybersecurity startup Netacea has raised £4.5m from Mercia Asset Management as a new CEO takes the reins.
Founded in 2022 as a spinout from IT consultancy firm Intechnica Holdings, Netacea is a machine learning-based bot detection startup.
The platform can be deployed on websites, apps and APIs to detect user behaviour to identify automated threats.
The company, which previously raised £9m for its Series A round in February last year, will now be run by new CEO Mick Bradley, a former software engineer who most recently served as the chief revenue officer for cloud software services company Virtuozzo.
Jeremy Gidlow, Netacea co-founder and former CEO, will transition to a non-executive director role. Pat Clarke, who previously worked at Phoebus Software and Hublsoft, will join Netacea as company chair.
“Our support reaffirms Mercia’s belief in both Netacea’s technology and the growth potential within the cybersecurity market,” said Mark Payton, CEO of Mercia Asset Management.
“The appointment of Pat and Mick, whose experience includes delivering growth strategies in international markets, will further strengthen the management team.
Mercia, which also backed the company at Series A level, now holds a 34.2% stake in Netacia.
“Together with the continued support of founders Jeremy and Andy, it makes the company well-placed to establish itself as a key player in the global cybersecurity market,” added Payton.