Seed9 July 2024

Tracebit secures £3.9m in seed funding led by Accel to scale cloud security platform

The London-based cloud security firm has raised £3.9m in a seed round led by Accel to expand its engineering team and product offering.

£3.9MSeed

Tracebit provides a cloud-native threat detection and deception platform designed to help enterprises spot intruders quickly. The company builds light-touch solutions that allow security teams to deploy canaries across cloud networks without hardware.

London security startup Tracebit has secured £3.9m in seed funding to scale its cloud-native threat deception technology. The investment was led by Accel, with participation from Tapestry VC and a group of prominent angel investors including Guy Podjarny, Tim Sadler, Ed Bishop, Mandy Andress, and 20SALES. The capital will be directed toward expanding the engineering team and broadening the platform product offering.

Founded by alumni of Tessian, Tracebit operates a light-touch infrastructure designed to operationalise threat deception in the cloud. The platform deploys tailored canaries across enterprise cloud networks via APIs, allowing security teams to establish defences within minutes rather than months. The fresh capital follows early traction protecting over 250 cloud accounts and processing billions of security events weekly.

From the founder

"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."

Andy Smith

CEO at Tracebit

Investor perspective

"Having worked with Andy and Sam 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!"

Andrei Brasoveanu

Partner, Accel