Traceable AI, the API security & observability company, today announced it has raised $60 million in Series B funding at a valuation of more than $450 million. The investment round was led by Institutional Venture Partners (IVP), and other investors include Tiger Global Management and existing investors Unusual Ventures and BIG Labs.
Traceable AI plans to use this round of funding 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.
“API security has become a major security and compliance concern for most companies,” said Steve Harrick, general partner, IVP. “Traceable offers a fundamentally differentiated solution that provides coverage across the full DevSecOps software lifecycle — from API development and testing to runtime protection.”
Traceable was started two years ago by AppDynamics and Harness founder Jyoti Bansal and former AppDynamics VP of Engineering Sanjay Nagaraj and have raised $20 million Series A in July 2020.
“Widespread use of APIs in cloud-native applications has led to a significantly larger attack surface, intensifying the challenge of protecting these APIs from malicious usage or abuse,” said Jyoti Bansal, co-founder Traceable AI. “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.”
Their differentiated capabilities provide coverage for the most important API security use cases, including API discovery, sensitive data exfiltration, and detecting and blocking attacks such as account takeover, API abuse and API fraud.
“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”, said John Vrionis, partner at Unusual Ventures.