Tracebit, a
cloud-native cybersecurity company focused on threat detection, has raised a
$20 million Series A round led by FirstMark, with participation from Accel. MMC
Ventures, Tapestry VC, and CCL also joined the round. The funding follows the
company’s $5 million seed round in 2024, led by Accel, bringing Tracebit’s
total funding to $25 million.
Founded in 2023 by
former Tessian employees Andy Smith (CEO) and Sam Cox (CTO), Tracebit develops
cloud-native deception technology designed for modern infrastructure. The
system enables organisations to deploy decoy assets, known as canaries, across
their environments to detect threats early and support an “assume breach”
approach to security.
The solution is
designed to scale threat detection across cloud environments through a
cloud-native deployment that generates tailored canaries across enterprise
networks to identify malicious activity and reduce detection times.
The platform
currently supports thousands of accounts, monitors around five billion events
each week, and generates millions of canaries daily for customers, including
Riot Games, Snyk, Synthesia, Docker, and Admiral Insurance.
To address the
growing complexity of cloud environments, Tracebit has expanded its
capabilities beyond AWS. The system now supports canary deployment across
Azure, Kubernetes, CI/CD pipelines, developer workstations, and identity
providers.
Alongside the Series
A funding, the company is introducing new products, including Perimeter
Canaries, Deceptive Artefacts, and support for Google Cloud Platform.
Traditionally,
decoys have been placed deeper within systems to detect intrusions. Perimeter
Canaries extend this concept by placing decoys at the edge of SaaS and cloud
environments, creating an additional layer of defence and enabling faster
detection. This approach is increasingly important as organisations face
evolving threats, including AI-driven attacks that can rapidly scan systems for
vulnerabilities.
The company plans to
use the Series A funding to support the rollout of these new products, expand
its customer base, and grow its go-to-market and engineering teams.