Tracebit, a new British startup working on technology in the cloud-based threat detection and deception space, has attracted $5 million in seed-stage financing.
The London-based company is promising cloud-native threat deception technology as a layer of defense that helps organizations not only defend against cyberattacks but also identify incidents much faster.
The funding round was led by Accel, with additional support from Tapestry VC, 20SALES, and several angel investors.
According to Tracebit, its product creates tailored canaries (fake honeypots) across cloud environments to lure treats, increase detection rates, accelerate responses, and reduce costs.
Tracebit, which integrates with popular security and developer tools, plans to use the new investment to expand its engineering team and increase its product offering.
Courtesy of its infrastructure-as-code deployments, Tracebit said it will allow enterprises to switch threat deception on within minutes, without having to deploy additional hardware. The product is also capable of capturing a full picture of the environment and recommend a range of tailored canaries, while also allowing organizations to add or edit canaries to fit their needs.
“Our mission at Tracebit is to accelerate the mass adoption of threat deception for enterprises everywhere, and to reduce the mean time for detecting an intruder from months to minutes. Honeypots are one of the biggest deterrents to cyberattacks, but have been underused for too long due to their cost and complexity,” Tracebit co-founder and CEO Andy Smith said.
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