Cybersecurity startup Traceable AI on Tuesday said it has raised $60 million (Rs 456 crore) as a part of its Series B funding led by Institutional Venture Partners (IVP), with participation from Tiger Global Management and existing investors Unusual Ventures and BIG Labs.
The new round took Traceable AI’s valuation to $450 million.
The platform plans to invest the fresh proceeds
in product development and research efforts, expanding sales and marketing teams and scaling global sales.
“API security has become a major security and compliance concern for most companies,” said Steve Harrick, General Partner, IVP.
Traceable AI was established in 2020 by AppDynamics and Harness Founder Jyoti Bansal and former AppDynamics VP of Engineering Sanjay Nagaraj through a Series A round of $20 million.
The firm offers a solution that provides coverage across the full DevSecOps software lifecycle — from API development and testing to runtime protection.
"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 usage or abuse,” said Jyoti Bansal.
“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,” Bansal added.
“As we know, all businesses are run by software. Given that APIs are the core engine of any software model today, it’s imperative that we secure them to protect the business”, said John Vrionis, partner at Unusual Ventures.
Institutional Venture Partners is a later-stage venture capital firm that focuses on technology and media companies. Founded in 1980, the California-based firm specialises in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments.
Founded in 2001, Tiger Global is a private equity firm based in New York. The firm focuses on public and private companies that are operating in the global Internet, software, consumer, and financial technology sectors.
Meanwhile, cybersecurity space in India has been witnessing many investments for the past few months.
In April, Securden Inc, an information technology (IT) security startup, raised $10.5 million (around Rs 80 crore) as part of its Series A funding led by Tiger Global.
In February, Com Olho IT Private Ltd, which runs cybersecurity analytics startup Com Olho, raised a seed capital of Rs 1.8 crore (around $250000) led by Inflection Point Ventures.
