Traceable AI, a company in the Application Programming Interface (API) security industry, has secured a strategic investment amounting to USD $30 million. The funding round saw participation from prominent investors such as Citi Ventures, the venture arm of Citigroup, IVP, Geodesic Capital, Sorenson Capital, and Unusual Ventures.
The investment underscores API security’s increasing importance, an area earmarked as vital for businesses in diverse sectors, particularly in the heavily regulated financial domain. Notably, Traceable AI has witnessed a solid 300% growth year over year, demonstrating its prowess in providing efficient API security solutions and improving its standing in the commercial market.
Matt Carbonara, Managing Director at Citi Ventures, praised Traceable’s achievements in setting industry standards for API security across vast sectors, including finance, healthcare, retail, and telecommunications. “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,” Carbonara stated.
This new funding further equips Traceable AI to bolster product innovation, expand security research initiatives, and expand its sales, marketing, and channel partner programs globally.
Jyoti Bansal, CEO and Co-Founder of Traceable outlined the company’s mission to make every API a source of secure innovation. He said, “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.”
Steve Harrick, a General Partner at IVP, underscored the significance of API security in the epoch of exponential API growth. “Traceable’s leadership is undeniable in this space,” he said, underlining the key role its differentiated solutions play in helping businesses succeed in an API-driven world.
The overarching need for organisations to tackle the growing risks of API breaches is increasingly urgent. This need was underlined by recent findings from Traceable’s 2023 Global State of API Security Report. The report revealed that over the past two years, a significant 60% of organisations experienced a data breach, with 74% having encountered a minimum of three API-related breaches. These results emphasise the necessity of a proactive attitude towards API security to protect businesses in a world that’s growing evermore dependent on APIs.
Traceable AI’s strategic investment of USD $30 million underscores the critical importance of API security in today’s digital landscape. With significant growth year over year and recognition from prominent investors, Traceable is well-positioned to continue innovating and providing essential solutions to safeguard businesses across diverse sectors from the escalating risks of API breaches.
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