Tracebit raises $20M Series A to expand cloud-native deception tech

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.