London-based startup Tracebit has secured $5 million in seed funding to advance its cloud-native threat detection and deception technology. This investment round was led by Accel, a prominent venture capital firm, with additional support from Tapestry VC, 20SALES, and several angel investors, including notable figures from the cybersecurity and tech industries. Tracebit specializes in deploying customized canaries—essentially fake honeypots—across cloud environments to proactively detect and deter cyber threats. These canaries not only enhance detection rates but also facilitate quicker incident responses, thereby reducing potential damages and operational costs for enterprises.
The funding will enable Tracebit to expand its engineering team and accelerate product development efforts. Central to its mission is democratizing threat deception technology, making it more accessible and efficient for organizations of all sizes. By leveraging infrastructure-as-code deployments, Tracebit allows enterprises to deploy and manage canaries swiftly, without the need for additional hardware. This approach not only streamlines implementation but also provides a comprehensive view of the environment, recommending tailored deception strategies based on real-time insights.
Andy Smith, co-founder, and CEO of Tracebit highlighted the significance of this funding round in advancing their mission: “Our goal at Tracebit is to transform cybersecurity by reducing the time to detect intruders from months to minutes. Honeypots have long been a powerful tool against cyberattacks, but their adoption has been hindered by complexity and cost. With this investment, we’re poised to scale our solution and empower more enterprises to adopt a proactive ‘assume breach’ approach to security.”
Tracebit’s innovative approach comes at a critical time when cybersecurity threats are becoming increasingly sophisticated and pervasive. By enhancing the capabilities of threat detection and response, Tracebit aims to strengthen the resilience of organizations against evolving cyber threats, ultimately contributing to a more secure digital landscape.
