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London-based cybersecurity start-up Tracebit raises £3.9 million

Written by Thu 11 Jul 2024

Cloud threat detection and deception platform, Tracebit, have announced a successful seed funding round led by Accel and supported by Tapestry VC has raised £3.9 million ($5 million).

Founded in 2022 by Andy Smith and Sam Cox, the UK security start-up hopes to use the funding to build out the engineering team and boost its product offering.

Through the widespread adoption of threat deception techniques, such as so-called honeypots that lure in cybercriminals, Tracebit hope to better secure enterprises against attacks and understand the behaviours of malicious actors. While these cyber defences have been in use for decades and can be very effective, their high cost and complexity have limited their use.

“At Tracebit we are solving these problems, leveraging modern cloud practices to enable security teams to scale an ‘assume breach’ approach across their organisation quickly and with minimal overhead,” said the company in a blog post.

Tracebit’s cloud-native approach involves deploying honeypots throughout the network to attract attackers. The user-friendly and scalable APIs, which can be implemented in minutes, have drawn a wide variety of users and investors. Compared to traditional honeypot tools, Tracebit significantly lowers costs and deployment time, making these products accessible to a broader range of users.

Users, including firms like Docker, Riot Games and synthesia use Tracebit solutions. Chris Hymes, CISO at Riot Games said the business ‘has leveraged Tracebit to rapidly scale deceptive coverage across our cloud and enterprise estate. The automated platform has enabled us to roll out rapidly and the precise nature of the detections produces low volume, high value alerts’.

Guy Podjarny (founder of Snyk), Tim Sadler and Ed Bishop (Tessian Founders), Mandy Andress (CISO of Elastic) and 20SALES have all been named as investors in this latest round of funding.

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Written by Thu 11 Jul 2024

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