UK’s Tracebit raises €4.6M to enhance its cloud-native threat deception technology for enterprises

London-based Tracebit, a cloud threat detection and deception platform, has secured $5M (approximately €4.61M) in a seed round of funding led by Accel and supported by Tapestry VC.

The round also saw participation from angel investors, including Guy Podjarny (founder of Snyk), Tim Sadler and Ed Bishop (Tessian Founders), Mandy Andress (CISO of Elastic) and 20SALES.

Andrei Brasoveanu, partner at Accel, says, “Having worked with Andy and Sam (Tracebit co-founders) during Accel’s partnership with Tessian, I knew first-hand that they’re not only experienced technologists but also have strong commercial instincts.”

“The Tracebit team’s cloud-native approach to threat deception and focus on modern DevOps tools and practices has already gained impressive early traction with customers and I’m excited about partnering with the team again on this new journey!”

Tracebit detects and contains security incidents

For over 30 years, cybersecurity experts have been developing ‘threat deception’ methods to identify and understand attack patterns by creating decoy resources like ‘honeypots’ and ‘canaries’. Research shows that this approach, effective in slowing down attackers, has traditionally been complex and costly, limiting its use to elite security teams. 

However, Tracebit’s cloud-native platform solves threat deception by simplifying deployment and scaling across modern cloud infrastructures. 

This makes advanced threat deception accessible to a broader range of enterprises, enhancing their defensive capabilities against cyber threats.

Tracebit introduces cloud-native APIs to deploy customised canaries across cloud networks, attracting and identifying threats. With a light-touch infrastructure, enterprises can activate threat deception across cloud environments within 30 minutes, without hardware. 

Currently, Tracebit protects 250+ cloud accounts with 1,500 canary resources, managing 2.4 billion security events weekly.

Capital utilisation

Tracebit will use the funds to enhance its engineering capabilities and expand its product range, focusing on delivering accessible deception technology for enterprises globally.

Andy Smith, co-founder of Tracebit, says, “Our mission at Tracebit is to accelerate the mass adoption of threat deception for enterprises everywhere and to reduce the mean time for detecting an intruder from months to minutes.”

“Honeypots are one of the biggest deterrents to cyber attacks but have been underused for too long due to their cost and complexity. This funding will help us bring threat deception to enterprises that haven’t felt able to leverage it before.”

Brief about Tracebit

Tracebit is a cloud-native threat deception platform, scaling in the cloud with easy-to-install APIs that create customised canaries across enterprise networks. It accelerates threat detection, reducing the mean time to detection from months to minutes.

The company was founded in 2023 by co-founders Andy Smith (CEO) and Sam Cox (CTO). Tracebit emerged after the duo spent five years expanding the engineering team at UK cybersecurity startup Tessian, which was later acquired by Proofpoint in 2023.

Tracebit’s customers include Riot Games (creators of League of Legends) and UK genAI unicorn Synthesia.