SAN FRANCISCO--(BUSINESS WIRE)--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.
