London-based cybersecurity startup Tracebit has raised $5m (£3.9m) for its cloud threat detection and deception platform.
Founded in 2022, Tracebit has developed a cloud-native platform that it claims reduces the cost and complexity of threat deception security.
Threat deception is the practice of drawing in malicious actors with fake resources, called honeypots. Research has suggested cyber attackers are less effective when they know these decoys are present in a system.
“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,” said Andy Smith, co-founder and CEO of Tracebit.
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.”
Tracebit counts League of Legends and Valorant developer Riot Games and generative AI unicorn Synthesia among its client base.
The seed investment round was led by Accel, with participation from Tapestry VC and a series of angels including Snyk founder Guy Podjarny and Tessian founders Tim Sadler and Ed Bishop.
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,” said Andrei Brasoveanu, a partner at Accel.