North West tech firm secures £2.85m for cyber security division
A Manchester-based technology business has closed a £2.85m funding round to help the company grow its cyber security division and expand consultancy services.
Intechnica have secured the funding for its cyber security division, Netacea, in the UK, North America and other international markets.
It will also expand Intechnica’s consultancy services.
The lead investment of £2m came from NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
An additional £750,000 was invested by Mercia Technologies PLC and £100,000 by existing private investors as part of the funding round.
Founded in 2006 by Jeremy Gidlow and Andy Still, Intechnica now employs around 80 staff in its two business divisions.
It offers services including digital transformation, technical due diligence for investors or corporate finance advisers, and a new Data Science as a Service (DSaaS) offering.
Netacea companies from automated bot threats, such as account takeover, using machine learning to prioritise genuine human traffic. Clients include major retailers such as Hobbs, Ted Baker, Ao.com, Cath Kidston and Nisa.
Mercia first invested in Intechnica in 2014.
“Having the financial support and expertise of our investors will help us execute our vision even more rapidly and broadly, and with the benefit of their experience and perspective of high growth technology businesses,” said Jeremy Gidlow, CEO of Intechnica.
“We are hugely excited about the journey ahead as we gain momentum and focus on our plans for growth.”
Deborah McGargle provided legal advice to the company on the investment while Caroline Walker at CMS advised Mercia.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.