Traceable AI, a firm that “protects APIs from the inside” has raised a $60 million Series B round at a valuation of around $450 million.
The funding was led by Institutional Venture Partners (IVP), and includes the participation of Tiger Global Management and existing investors Unusual Ventures and BIG Labs.
Traceable was launched two years ago by AppDynamics and Harness founder Jyoti Bansal and former AppDynamics VP of Engineering Sanjay Nagaraj backed by a $20 million Series A in July 2020. Bansal is also the founder and CEO of Harness, a platform to automate software delivery, which also just announced major funding and a $3.7B valuation.
Bansal explains that the widespread utilization of APIs has led to a larger “attack surface” creating a need to protect from malicious acts:
“Bad actors only need one API entry point to access an organization’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,” says Bansal.
Steve Harrick, general partner, IVP, states that API security has become a major concern for most companies and Traceable offers a solution that covers the full software / dev cycle.
Traceable AI is said to be the only API security platform that discovers, manages, and secures APIs for enterprise-level organizations.
John Vrionis, partner at Unusual Ventures, says given APIs are the core engine of most software models today it is imperative to protect them.
Traceable reports a wide range of companies using their service, including Informatica, Bullish, Digital Ocean, Zolve, Houwzer. As well, many large finance firms utilize Traceable AI’s innovative distributed tracing technology to secure their cloud-native applications.