API security & observability company, Traceable AI has announced that it has raised $60 million in Series B funding, taking the company’s value to more than $450 million. The funding round was led by Institutional Venture Partners (IVP) along with Tiger Global Management and existing investors Unusual Ventures & 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.
For the uninitiated, API stands for Application Programming Interface which is now an important aspect of technology, allowing two applications to interact with each other, for example using a smartphone to augment Air Conditioner’s temperature.
With the rise in demand of more API based electronic utilities, securing them from hacking and other challenges has become a priority for organisations.
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 was founded in 2018 by AppDynamics and Harness founder Jyoti Bansal and former AppDynamics VP of Engineering Sanjay Nagaraj through a $20 million Series A in July 2020.
Traceable.AI’s Founder, Jyoti Bansal 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. Bad actors only need one API entry point to access an organisation’s data and cause irreparable financial, reputational and service interruptions damage. 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.”