Traceable AI: API security company Traceable AI raises $ 60 million in Series B round

Chennai: Artificial intelligence traceable raised $ 60 million in its Series B round, led by Institutional Venture Partners (IVP) and others like it Global tiger Management as well as existing investors Unusual adventures and BIG Labs.

the application programming The interface security and observability (API) firm said the new funding round values ​​it at over $ 450 million.

Traceable AI plans to use the capital infusion to accelerate its next phase of growth by investing further in product development and research efforts, expanding its sales and marketing teams, and expanding global sales, the company said.

“The 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 use or abuse,” said co-founder Jyoti Bansal in a statement. “Trackable AI applies the power of machine learning and distributed tracking to understand how an application works in the business context, and then be able to detect anomalies and block threats to keep customers safe and resilient against attacks. new generation”.

The company was founded two years ago by AppDynamics and Harness Bansal founder and former AppDynamics VP of Engineering Sanjay Nagaraj. He received $ 20 million in Series A funding in July 2020.

“API security has become a major security and compliance concern for most companies,” said Steve Harrick, general partner of IVP. “Traceable offers a fundamentally differentiated solution that provides coverage for the entire lifecycle of DevSecOps software, from API development and testing to runtime security.”

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Trackable AI provides coverage for important API security use cases, including API discovery, sensitive data exfiltration, and detection and blocking of attacks such as account takeover, API abuse and API fraud .

“Since APIs are the primary engine of any software model today, it is imperative to protect them to protect the business,” said John Vrionis, partner at Unusual Ventures. “We are extremely excited to be part of the Traceable team and their continued efforts to help companies protect their most important software asset: APIs.”

Companies including Informatica, Bullish, Digital Ocean, Zolve, Houwzer and other large financial companies are using Traceable AI’s innovative distributed tracking technology to secure their cloud-native applications.

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