The application programming interface (API) security and observability company said the new funding round values it 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.
“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,” 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 context of the business, and therefore, be able to detect anomalies and block threats to keep customers secure and resilient against next-gen attacks.”
The company was founded two years ago by AppDynamics and Harness founder Bansal and former AppDynamics vice president of engineering Sanjay Nagaraj. It received $20 million in Series A funding in July 2020.
“API security has become a major security and compliance concern for most companies,” Steve Harrick, general partner, IVP said. “Traceable offers a fundamentally differentiated solution that provides coverage across the full DevSecOps software lifecycle — from API development and testing to runtime protection.”
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Traceable AI provides coverage for 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.
“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. “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.”
Companies including Informatica, Bullish, Digital Ocean, Zolve, Houwzer and other large finance firms utilize Traceable AI’s innovative distributed tracing technology to secure their cloud-native applications.
