Funding Alert

Traceable AI raises $60M in Series B led by IVP


Traceable AI, a startup known for offering services designed to protect APIs from cyberattacks, announced that it raised USD 60 million in a Series B round led by IVP with participation from Tiger Global Management, BIG Labs, Unusual Ventures, and various undisclosed angel investors.

The new capital infusion puts the company value at over USD 450 million post-money, and CEO Jyoti Bansal said that the fresh funds will be utilized for recruitment, customer acquisition and product development. APIs, the interfaces that serve as the connections between computer programs, is used by numerous organizations to conduct business. Sinec API’s can provide access to sensitive functions and data, they have become increasingly common targets for malicious hackers.

“APIs are the glue that keeps modern apps and cloud services together. As businesses small and large alike migrate en masse from monolithic to highly distributed cloud-native applications, APIs are at present a critical service component for digital business processes, transactions, and data flows,” said Bansal.

He further added, “However, sophisticated API-directed cyber threats and vulnerabilities to sensitive data have also rapidly increased. Businesses need machine learning here. To have zero trust, you require API clarity. You can no longer easily hire security people, so you need to solve these vulnerabilities via tech.”

Traceable AI

Traceable, like its competitor Salt, uses AI to analyze data to learn normal app behavior and detect activity that deviates from the norm. Via a combination of “distributed tracing” and “context-based behavioral analytics,” the startup’s software — which works on-premises or in the cloud — can catalog APIs, including “shadow” and “orphaned” APIs, in real-time, according to Traceable CEO Bansal.

“APIs often expose business logic that threat actors use to infiltrate applications and private data. Every line of code needs to be observed in order to secure modern cloud-native applications from next-generation attacks properly,” he noted. “Automated and unsupervised machine learning(ML) allows Traceable to go further deeper and complete the API security requirement better than anyone. As its name suggests, Traceable traces end-to-end application activity from the user and session all the way through the application code”, said Jyoti Bansal

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