Traceable AI, an API security and observability company, has announced it has raised US$ 60 million in Series B funding. This new funding values Traceable AI at more than US$ 450 million. This 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. 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 Jyoti Bansal and Sanjay Nagaraj, 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.
By leveraging the team’s expertise in distributed tracing and observability, Traceable AI is the only API security platform that discovers, manages and secures APIs for enterprise-level organizations. 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, Unusual Ventures.
“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,” adds John.