Traceable AI Secures $30M Strategic Investment Round
May 01 2024 - 10:00AM
Business Wire
Traceable AI is the industry’s leading API
security company helping organizations achieve API visibility and
attack protection in a cloud-first, API-driven world
Traceable AI, the industry's leading API security company, today
announced a $30 million strategic investment from a group of
investors, including Citi Ventures - the venture arm of Citigroup,
lead investor IVP, Geodesic Capital, Sorenson Capital, and Unusual
Ventures.
This strategic investment highlights the growing recognition of
API security as a critical challenge for enterprises across
industries, particularly within the heavily-regulated financial
sector. Traceable’s impressive 300% year-over-year growth further
demonstrates its ability to deliver comprehensive API security
solutions and excel in the enterprise market.
“Traceable has set the benchmark for API security across a wide
range of enterprises, including financial institutions, healthcare
providers, retail giants, and global telecom providers. Traceable's
commitment to serving customers in nearly every sector reflects
their deep understanding of the diverse API security challenges
businesses face. Their platform delivers the visibility and
protection required to secure thousands of API endpoints and over
500 billion API calls per month," said Matt Carbonara, Managing
Director at Citi Ventures. “Traceable's commitment to innovation
and focus on customer success are why we're excited to partner with
them. Citi Ventures looks forward to supporting Traceable’s growth
as they address a critical challenge in the industry and scale
solutions that empower businesses worldwide.”
This investment will propel Traceable's next growth phase,
empowering the company to supercharge product innovation, bolster
security research initiatives, and strategically scale its sales,
marketing, and channel partner programs worldwide.
“At Traceable, we're driven by the mission to make every API a
source of secure innovation and remove any potential risks," said
Jyoti Bansal, CEO and co-founder of Traceable. "The recent
attention Traceable has received from enterprise customers,
security practitioners, and investors alike underscores that
organizations understand the strategic importance of API security.
This investment accelerates our ability to help businesses innovate
fearlessly with APIs, knowing they have unmatched protection. It
strengthens our commitment to serve large enterprise customers and
pioneer new solutions in API security."
“The explosive growth of APIs presents both huge opportunities
and critical security challenges. Traceable’s leadership in this
space is undeniable, delivering an innovative and differentiated
solution that organizations need to thrive in this API-driven
world,” said Steve Harrick, general partner at IVP. “IVP is proud
to back Traceable and Jyoti once again to fuel their continued
success and rapid progress. Traceable’s mission to secure APIs is
transforming the way businesses operate and helping organizations
innovate with confidence.”
This investment comes at a time when organizations are urgently
seeking solutions to address the escalating risks of API attacks.
This urgency is underscored by Traceable's recent 2023 Global State
of API Security Report, which revealed that 60% of organizations
experienced a data breach in the past two years, with 74% having at
least three API-related breaches. These findings reinforce the
growing recognition that a proactive approach to API security is
essential for safeguarding businesses in a world increasingly
dependent on APIs.
About Traceable AI
Traceable’s intelligent and context-aware solution powers
complete API security, API discovery and posture management, API
security testing, attack detection and threat hunting, and attack
protection anywhere your APIs live. Traceable enables organizations
to minimize risk and maximize the value that APIs bring their
customers. To learn more about how API security can help your
business, book a demo with a security expert.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501811605/en/
Ryan Romana Touchdown PR traceable@touchdownpr.com