Tracebit, a cloud-based threat detection and deception platform, has secured £3.9 million in seed funding led by Accel, with participation from Tapestry VC.
Founded in 2022 by Andy Smith and Sam Cox, the London-based startup will use the investment to expand its engineering team and enhance its product offering.
Tracebit’s innovative approach involves deploying ‘honeypots’ – decoy systems designed to lure cybercriminals – across a network. By analysing attacker behaviour, the platform helps businesses better protect themselves against threats.
Andy Smith, CEO, said: “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.”
The company has already attracted high-profile customer and counts Docker, Riot Games, League of Legends, Valorant developer Riot Games and generative AI unicorn Synthesia among its client base. Chris Hymes, CISO at Riot Games, praised Tracebit’s ability to “rapidly scale deceptive coverage across our cloud and enterprise estate”.
A host of prominent tech investors have also backed the company, including Guy Podjarny (founder of Snyk), Tim Sadler and Ed Bishop (Tessian Founders), Mandy Andress (CISO of Elastic), and 20SALES.
