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HomeInsightFunding Alert API security platform Traceable AI raises $60 mn in funding

[Funding alert] API security platform Traceable AI raises $60 mn in funding

API security platform Traceable AI
API security platform Traceable AI

API security platform Traceable AI raised $60 million in its Series B funding round from Institutional Venture Partners (IVP) with participation from Tiger Global Management and existing investors Unusual Ventures and BIG Labs.

After this fundraising, the valuation of the company is around $400 million.

The startup plans to use the funds to accelerate growth by further investing in its product development and research efforts, expanding its sales and marketing teams, and expanding its global sales.

San Francisco-based Traceable was founded in 2020 by Jyoti Bansal and Sanjay Nagaraj, Its API security platform discovers, manages, and protects APIs against malicious attacks and provides rich analytics to hunt threats, so businesses can make the right decisions regarding API security posture.

“Traceable AI applies the power of machine learning and distributed tracing to truly understand how an application really works in the context of the business, and therefore, be able to detect anomalies and block threats to keep customers secure and resilient against next-gen attacks”, said, Jyoti Bansal, Co-founder, and CEO of Traceable AI.

“API security has become a major security and compliance concern for most companies. Traceable offers a fundamentally differentiated solution that provides coverage across the full DevSecOps software lifecycle — from API development and testing to runtime protection. The company is led by proven entrepreneurs who we have been fortunate to work with before. They listen to customer needs and know how to deliver software at scale”, said, Steve Harrick, General Partner, IVP.

Many large financial companies also use the startup’s innovative distributed tracing technology to secure their cloud-native applications.

“As we know, all businesses are run by software. Given that APIs are the core engine of any software model today, it’s imperative that we secure them to protect the business. We are extremely excited to be a part of the Traceable team and their continued efforts to help enterprises secure their most important software asset – APIs”, said, John Vrionis, Partner at Unusual Ventures.

“We want to detect and respond to breaches in the shortest time possible. Traceable AI deploys across any environment, whether it’s your cloud, Kubernetes, or traditional virtual machines. Knowing how our applications behave as a part of API discovery is what created the win for the Traceable AI team at Informatica”,  said, Pathik Patel, Head of Cloud Security  at Informatica.

About Traceable AI

The world runs on code, their vision is to protect every line of it. Traceable combines the power of end-to-end distributed tracing, cloud-native integrations, and advanced behavioral analytics to deliver modern application and API security. Designed for cloud-native applications, Traceable natively instruments Kubernetes, Envoy Service Mesh, Serverless, and other cloud-native environments to secure transactions.

With Traceable, security and development teams: PROTECT applications and APIs from malicious activity, including emerging threats, such as OWASP Top 10 & OWASP API Top 10 attacks. MONITOR, visualize, and correlate application code changes to transactions, API endpoints and specifications. INVESTIGATE application, user, and API activity to gain insight into vulnerabilities, identify trends, and drill into forensics.

Distributed tracing and TraceAI machine learning power the accurate and actionable insights needed to protect, monitor, and investigate your cloud-native apps and APIs.

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