San Francisco-based API security provider Traceable AI raised USD 60 million in its Series B funding on May 04, 2022. Institutional Venture Partners (IVP) and Tiger Global Management led the funding for Traceable AI. Existing investors such as Unusual Ventures and BIG Labs also invested in the Series B round.
With the new funding round, the valuation for the startup now stands at more than USD 450 million.
Purpose of Funding for Traceable AI
Traceable AI plans to use the proceeds from the recent capital infusion to accelerate its next phase of growth. The company will look to further invest in its product development and research efforts.
Meanwhile, the startup will also expand its sales and marketing teams and focus on expanding global sales.
What the founder has to say
Jyoti Bansal, Co-founder and CEO of Traceable AI, said, “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. Traceable AI applies the power of machine learning and distributed tracing to truly understand how an application 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.”
What the investors have to say
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.”
In addition, John Vrionis, Partner at Unusual Ventures, said, “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.”
What the customers have to say
Traceable AI clientele includes Informatica, Bullish, Digital Ocean, Zolve, Houwzer and other large financial firms.
“We want to detect and respond to breaches in the shortest time possible. Traceable AI deploys across any environment, whether your cloud, Kubernetes or traditional virtual machines. Knowing how our applications behave as a part of API discovery created the win for the Traceable AI team at Informatica,” said Pathik Patel, Head of Cloud Security, Informatica.
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