Technology and cybersecurity and Application programming interface (API) platform Traceable AI has announced to raise $60 million with an estimated valuation of over $450 million. According to the Bengaluru-based technology major the round was led by Institutional Venture Partners (IVP), and other investors include Tiger Global Management and existing investors Unusual Ventures and BIG Labs.
Traceable protects APIs from the inside by understanding the business logic, user attribution, and context of each API – from development through production.
Traceable was founded by AppDynamics and Harness founder Jyoti Bansal and former AppDynamics VP of engineering Sanjay Nagaraj two years ago. Cisco snapped up AppDynamics for $3.7 billion a few years ago.
Traceable AI provides an API security platform that identifies, manages, and secures all APIs against cyberattacks and equips decision-makers to proactively think about defining an API security posture.
“Bad actors only need one API entry point to access an organization's data and cause irreparable financial, reputational, and service interruption damage. We secure the software, the interface akin to the doors and windows of the software by securing the APIs. Developers must understand what goes on behind every piece of software and they can proactively predict attacks and pre-empt cyber incidents,” Bansal said.
According to Bansal, the funding would be deployed to expand its R&D presence. It has over 40 technologists in its Bengaluru tech centre out of the total 85. Traceable AI also plans to use the funds to drive its next phase of growth investing in product development and research efforts, expanding its sales and marketing efforts.
“APIs protect businesses, and you need to protect APIs to understand what kind of data is going through the APIs,” Nagaraj said. It counts Informatica, Bullish, Digital Ocean, Zolve, and Houwzer as some of its customers.
Traceable is uniquely positioned to provide coverage for API security use cases, including API discovery, sensitive data exfiltration, and detecting and blocking attacks such as account takeover, API abuse, and API fraud.