Tracebit, a London-based cybersecurity startup, has raised $20 million in a Series A funding round led by FirstMark, with participation from Accel, MMC Ventures, Tapestry VC, and CCL. The latest investment brings the company’s total funding to $25 million.
Founded in 2023 by Andy Smith and Sam Cox, Tracebit is building cloud-native threat deception technology designed to detect and mitigate cyber threats across modern enterprise environments.
At the core of its platform are “canaries” — decoy assets that act as sophisticated honeypots to lure attackers. These canaries are deployed across cloud infrastructure, identity systems, developer environments, and CI/CD pipelines, helping organizations detect malicious activity early and respond faster under an “assume breach” security model.
Tracebit’s approach enables security teams to identify compromised accounts and prevent lateral movement by exposing attackers as they interact with deceptive elements embedded throughout the system. The platform is built to support modern cloud ecosystems, including AWS, Azure, Kubernetes, and Google Cloud environments.
As part of its product expansion, the company has introduced Perimeter Canaries, designed to sit at the edge of SaaS and cloud environments for faster detection of emerging threats, including AI-driven and agentic attacks. It has also launched Deceptive Artefacts and expanded support for Google Cloud Platform.
The newly raised capital will be used to accelerate product rollout, strengthen engineering capabilities, expand into the US market, and scale customer support and go-to-market functions.
According to David Waltcher of FirstMark, Tracebit is building a critical detection layer for the AI era, as enterprises increasingly adopt proactive security models that assume breaches are inevitable and prioritize rapid detection and response.
With cyber threats growing more complex and automated, Tracebit is positioning itself at the forefront of a shift toward deception-led, cloud-native security architectures.
