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(Alliance News) - Mercia Asset Management PLC on Wednesday said it completed a GBP4.4 million funding round into Netacea Group Ltd, with Mercia contributing GBP1.6 million of that.
Mercia is a Warwickshire, England-based specialist asset manager and now holds a 34% stake in Manchester-based cybersecurity firm Netacea, with Mercia's managed funds holding a further 31%.
With Mercia itself contributing GBP1.6 million towards the GBP4.4 million funding round, the remainder of the funds came from the Mercia-managed Northern venture capital trusts, the UK government's Northern Powerhouse Investment Fund, and Netacea's management team. Northern 2 VCT PLC and Northern 3 VCT PLC both are London-listed.
The funding round was achieved across two tranches, Mercia said, completed in July and October.
Mercia said the latest funding round will "underpin Netacea's commercial progress as a leading provider of defensive [artificial intelligence] software against bot attacks that target mobile, web and [application programming interface] applications, by supporting its continuing growth plans both in the UK and internationally."
Merica also noted that Netacea "already supports some of the world's largest global retailers and telecommunications networks" from its Manchester headquarters.
"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," said Mercia Chief Executive Officer Mark Payton.
British Business Bank Director Keira Shepperson commented: "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."
Shares in Mercia were flat at 22.50 pence each in London on Wednesday morning.
By Greg Rosenvinge, Alliance News reporter
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