- UK-based Tracebit secures €4.6M in seed funding led by Accel and Tapestry VC
- Tracebit offers cloud threat detection and deception platform, simplifying deployment and scaling
- Company founded in 2023 by Andy Smith and Sam Cox, former Tessian engineers
- Tracebit’s cloud-native APIs deploy customized canaries to identify threats in cloud networks
- Funds will be used to enhance engineering capabilities and expand product range, focusing on accessible deception technology for enterprises
Tracebit Seed Funding: Revolutionizing Threat Deception in the Cloud
In an exciting development in the cybersecurity landscape, London-based Tracebit has successfully raised €4.6M in seed funding. This funding round, led by Accel and Tapestry VC, marks a significant milestone for Tracebit, a cloud threat detection and deception platform on a mission to revolutionize threat deception in the modern cloud infrastructure.
Background on Tracebit’s Innovative Approach
For over 30 years, cybersecurity experts have been exploring various ‘threat deception’ techniques to identify and understand attack patterns. These methods involve creating decoy resources like ‘honeypots’ and ‘canaries’ to mislead attackers and buy time for response. However, traditional threat deception approaches have often been complex and costly, limiting their adoption to elite security teams.
Tracebit’s cloud-native platform aims to address these challenges by simplifying the deployment and scaling of threat deception techniques across modern cloud infrastructures. By introducing cloud-native APIs to deploy customized canaries across cloud networks, Tracebit enables enterprises to attract and identify potential threats effectively. With a seamless and light-touch infrastructure, enterprises can activate threat deception across their cloud environments within just 30 minutes, without the need for additional hardware.
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This innovative approach has already gained impressive traction, with Tracebit currently protecting over 250 cloud accounts using 1,500 canary resources and managing a staggering 2.4 billion security events on a weekly basis. This not only highlights the platform’s scalability but also its effectiveness in enhancing defensive capabilities against cyber threats.
Impact of the Seed Funding on Tracebit’s Future
The recent seed funding of €4.6M will play a crucial role in further enhancing Tracebit’s engineering capabilities and expanding its product range. With a focus on delivering accessible deception technology for enterprises worldwide, Tracebit aims to accelerate the mass adoption of threat deception and reduce the mean time for detecting intruders from months to minutes.
Andy Smith, co-founder of Tracebit, expressed his excitement about the funding, emphasizing the platform’s mission to bring threat deception to enterprises that have previously found it challenging to leverage such technology. By leveraging the investment, Tracebit aims to make threat deception, particularly through honeypots, more accessible and cost-effective, ultimately strengthening the cybersecurity posture of organizations globally.
Tracebit: Pioneering Cloud-Native Threat Deception
Founded in 2023 by Andy Smith and Sam Cox, Tracebit is at the forefront of cloud-native threat deception technology. The co-founders, with a wealth of experience in the cybersecurity sector, built Tracebit after successfully expanding the engineering team at UK cybersecurity startup Tessian. This background, coupled with a deep understanding of the evolving threat landscape, has positioned Tracebit as a leader in accelerating threat detection and response in cloud environments.
With prominent customers like Riot Games and Synthesia, Tracebit’s impact on the cybersecurity industry is already being felt. By leveraging the latest advancements in cloud technology and threat detection methodologies, Tracebit is not only enhancing the security posture of enterprises but also reshaping the way organizations approach threat deception in the modern digital landscape.
Tracebit’s successful seed funding round of €4.6M signifies a significant step towards democratizing threat deception and empowering enterprises to proactively defend against cyber threats. As the company continues to innovate and expand its offerings, the future looks promising for Tracebit and its mission to revolutionize threat detection in the cloud.
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