Tracebit, a London-based cyber startup specialising in threat detection for cloud businesses, has secured a £15m Series A round that will support its expansion in the US.
Founded in 2023 by former employees of Tessian, Tracebit was launched to offer deception technology in the era of cloud computing.
Deception technology is a cyber threat detection method whereby decoy assets are deployed in systems to bait cyber attackers into revealing their location.
Though a longstanding and effective form of cybersecurity, it has become a less attractive option as cloud computing has made systems larger, more complex and more dynamic.
Tracebit is offering deception-based cybersecurity for the cloud era with a threat detection solution that can be deployed across the entirety of a tech stack and can extend automatically across sprawling, multi-cloud environments.
“Deception Technology is now a cornerstone of cybersecurity, thanks to the growing importance of adopting an “assume breach” mentality for all cloud-based businesses,” said Tracebit co-founder Andy Smith.
“We’re proud to be the most advanced threat detection platform on the market – helping major enterprises to make “assume breach” a reality. We’re excited to build more products, grow our teams in London and New York, and help even more businesses strengthen their security posture.”
Tracebit raised $5m (£3.75m) in a seed round in 2024 and has since expanded internationally, opening an office in New York.
Its Series A was led by FirstMark with participation from Accel, MMC Ventures, Tapestry VC and CCL.
“AI is rapidly shifting the economics and scale of cyber attacks. Exploits are being generated, tested, and deployed at machine speed, while AI agents in and outside enterprises are creating new, unpredictable paths to critical systems,” said FirstMark partner David Waltcher.
“In this new reality, the question is fast becoming how quickly you detect and contain threats. Tracebit is building the cloud-native deception and detection layer for the AI era, giving security teams the highest signal proof of compromise.
