Trackable API IA security company lands $60 million Series B

Trackable API IA security company lands  million Series B

SAN FRANCISCO, May 3, 2022 — trackable AI, the API observability and security company, announced today that it has raised $60 million in Series B funding. This new funding values ​​Traceable AI at more than $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 funding round to accelerate its next phase of growth by investing more in its research and product development efforts, expanding its sales and marketing teams, and expanding global sales.

“API security has become a major security and compliance concern for most enterprises,” said Steve Harrick, general partner at IVP. “Traceable offers a fundamentally differentiated solution that covers the entire DevSecOps software lifecycle, from API development and testing to runtime protection. The company is led by Jyoti Bansal and Sanjay Nagaraj, proven entrepreneurs we have been lucky enough to work with before. They listen to customer needs and know how to deliver software at scale.”

Traceable was started two years ago by AppDynamics and Harness founder Jyoti Bansal and former AppDynamics VP of Engineering Sanjay Nagaraj through a $20 million Series A in July 2020.

“The widespread use of APIs in cloud-native applications has resulted in a significantly larger attack surface, intensifying the challenge of protecting these APIs from malicious use or abuse,” said Bansal. “Bad actors only need one API entry point to access an organization’s data and cause irreparable financial, reputational, and service disruptions. Trackable AI applies the power of machine learning and distributed tracking to truly understand how it works.” really an application in the context of the business and therefore be able to detect anomalies and block threats to keep clients safe and resilient against next-generation attacks.”

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-grade organizations. Its differentiated capabilities provide coverage for the most important API security use cases, including API discovery, exfiltration of sensitive data, and detection and blocking of attacks such as account takeover, API abuse, and account fraud. API.

“As we know, all companies run on software. Since APIs are the core engine of any software model today, it is imperative that we secure them to protect the business,” said John Vrionis, partner at Unusual Ventures. “We are very excited to be a part of the Traceable team and their continued efforts to help companies protect their most important software asset: APIs.”

Trackable AI Use Cases

Traceable AI provides the industry-leading API security platform that discovers, manages, and protects all APIs from malicious attacks and provides rich analytics to perform threat hunting, so you can make the right decisions regarding your security posture. of APIs.

A wide range of companies, including Informatica, Bullish, Digital Ocean, Zolve, Houwzer, and many large financial firms, use Traceable AI’s innovative distributed tracking technology to protect their cloud-native applications.

“We want to detect and respond to breaches as quickly as possible,” said Pathik Patel, head of cloud security at Informatica. “The most important part is figuring out how much visibility we have into our environment and how quickly we can find root causes and remediate those elements. Trackable AI is deployed in any environment, be it your cloud, Kubernetes, or traditional virtual machines. Knowing how our applications behave as part of API discovery is what created the win for the Traceable AI team at Informatica.”

“Enterprises are now API-driven and increasingly susceptible to business logic abuse and generic vulnerabilities like Log4Shell/Spring4shell. A holistic approach is needed to protect APIs from known and unknown threats across environments by understanding your production and pre-production environments,” said Nagaraj. “Traceable AI fits into a company’s existing infrastructure quickly and frictionlessly. We offer agentless deployment options, including out-of-band traffic mirroring, to ensure our platform fits our customers’ needs.”

About trackable AI

Traceable secures APIs from the inside out by understanding the unique business logic, user attribution, and context of each API, from development to production. With our distributed sniffing technology and advanced context-based behavioral analytics, we bring modern API security to your API-based and cloud-native applications. Learn more at https://traceable.ai.

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