Traceable AI, an API security startup raised $60M in Series B round

Traceable AI is an API security startup that has raised $60 million in Series B funding, at a valuation of around $450 million. The round was led by Institutional Venture Partners (IVP), Tiger Global Management, Unusual Ventures, and BIG Labs.

Traceable AI is planning to utilize the fresh funding in the following ways:

To accelerate the next phase of growth by further investing in its product development and research efforts,
Expanding its sales and marketing teams, and
Expanding global sales.

Traceable was founded by Jyoti Bansal, and Sanjay Nagaraj in the year 2020.

The company’s API security platform discovers, manages, and secures APIs against malicious attacks and facilitates rich analytics to perform threat hunting so that businesses can make the right decisions regarding API security posture.

In the list of Traceable's clients, we can see- Informatica, Bullish, Digital Ocean, Zolve, and Houwzer. Many large finance firms also utilize the startup's innovative distributed tracing technology to safeguard their cloud-native applications.

EXECUTIVE OPINION:

Steve Harrick, General Partner, IVP, said, “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.”

“We want to detect and respond to breaches in the shortest time possible,” said Pathik Patel, Head of Cloud Security - Informatica, "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.”

Jyoti Bansal, Co-founder and CEO of Traceable AI, said, "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.”

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Traceable AI, an API security startup raised $60M in Series B round

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