London cybersecurity startup Tracebit has raised $20m (£15m) in Series A funding.
The latest investment, led by FirstMark, brings the total funding raised to date to $25m.
Co-founders Andy Smith (CEO) and Sam Cox (CTO) launched the company in 2023 after spending five years growing the engineering team at UK cybersecurity startup Tessian. The platform claims to detect breaches in seconds.
Tracebit uses cloud-native APIs to create tailored canaries across cloud networks to lure out threats without hardware.
FirstMark was joined by Accel, MMC Ventures, Tapestry VC and CCL – Cyber Club London.
Andy Smith, co-founder and CEO, described the Series A raise as a ‘huge milestone’.
He said: “When Sam Cox and I started Tracebit, the idea was simple: as breaches continue to increase, the need to ‘assume breach’ will only become more critical.
“Canaries – decoy resources that trigger the moment an attacker touches them – are one of the most effective ways to detect a breach.
“We’d both lived the gap between knowing they work and actually being able to deploy them at scale. So we built the platform we wished we’d had.
“What we didn’t predict back then was the monumental impact that generative AI would have on cybersecurity – today it is clear to me that now adopting an “assume breach” strategy should be a number one priority.
“Since founding Tracebit, we’ve deployed millions of canaries across companies like Riot Games, Docker, Snyk, Synthesia and many more.
“The industry has clearly shifted from ‘how do we keep attackers out?’ to ‘how can we move quickly when they get in?’ and it’s been brilliant to see Tracebit at the centre of that shift.
“With this round, we’re doubling down – announcing the launch of Perimeter Canaries, Canary Artifacts and Google Cloud support and a growing team across London and New York.
“We’re incredibly grateful to our customers, the Tracebit team, and our investors for backing what we’re building. There’s so much more to come?”
Sam Cox, CTO and co-founder at Tracebit, said: “So excited for the growth this next chapter will bring: in the product, in the team, and in the adoption of canaries.
“We’ve already got some great upcoming product launches across GCP, Perimeter Canaries and Deceptive Artifacts.”
The latest funding is in addition to £3.9m raised in seed funding in 2024.