Traceable AI Raises $60 Million in Series B Funding Round

Traceable AI, an API security and observability company, announced that it has raised $60 million in Series B funding and has a valuation of over $450 million. The investment round will be led by Institutional Venture Partners (IVP), with additional investors including Tiger Global Management and existing investors Unusual Ventures and BIG Labs.

Traceable AI will use this funding round to accelerate the next phase of growth by continuing to invest in product development and research efforts, expanding sales and marketing teams, and expanding global distribution. 

Traceable was launched two years ago by AppDynamics and Harness founder Jyoti Bansal and AppDynamics' former Vice President of Engineering Sanjay Nagaraj, has raised $20 million in Series A in July 2020.

Jyoti Bansal, co-founder Traceable AI said, “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.”

These fine-grained features cover key API security use cases, including API detection, sensitive data exfiltration, account hijacking, and detection and blocking of attacks such as  API abuse and API fraud.