Traceable AI: API security firm Traceable AI raises $60 mn in Series B round

Chennai: Traceable AI has raised $60 million in a Series B round led by Institutional Venture Partners (IVP) and Tiger Global Management, among others, as well as existing investors Unusual Ventures and Big Labs.

The application programming interface (API) security and observability company said the new funding round is valued at more than $450 million.

Traceable AI plans to use the capital infusion to accelerate its next phase of growth by further investing in its product development and research efforts, expanding its sales and marketing teams, and expanding global sales, the company said. Is.

“The widespread use of APIs in cloud-native applications has significantly increased the attack surface, accelerating the challenge of protecting these APIs from malicious use or abuse,” co-founder Jyoti Bansal said in a statement. “Traceable AI applies the power of machine learning and distributed tracing to understand how an application works in the business context, and therefore, to detect anomalies and protect customers against next-generation attacks. Be able to block threats to keep resilient.”

The company was founded two years ago by Bansal, founder of AppDynamics and Harness, and Sanjay Nagaraj, former AppDynamics vice president of engineering. It received $20 million in Series A funding in July 2020.

“API security has become a major security and compliance concern for most companies,” said Steve Harrick, General Partner, IVP. “Traceable provides a fundamentally differentiated solution that provides coverage across the entire DevSecOps software lifecycle – from API development and testing to runtime security.”

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Traceable AI provides coverage for critical API security use cases, including API discovery, sensitive data exfiltration, and detection and blocking of attacks such as account acquisition, API abuse, and API fraud.

“Given that APIs are the core engine of any software model today, it is imperative that we keep them secure to protect the business,” said Jon Vryonis, partner at Unusual Ventures. “We are extremely excited to be part of the Traceable team and their continued efforts to help enterprises secure their most important software asset – APIs.”

Companies including Informatica, Bullish, Digital Ocean, Zolve, Houwzer and other large finance firms use Traceable AI’s innovative distributed tracing technology to secure their cloud-native applications.

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