Organizations are in the midst of a tough time with API attacks. In fact, according to Traceable's 2023 Global State of API Security Report, 60% of organizations experienced a data breach within the past two years, with 74% experiencing at least three separate API-related breaches during that period.
Because of it, organizations realized the potential for catastrophic consequences if API security is neglected. They know they can no longer afford to adopt a slow or reactive stance, waiting for breaches to occur before implementing safeguards. A faster proactive approach, encompassing measures like API access controls, threat detection and vulnerability management, is the current standard.
Traceable AI, an API security company, knows the importance of API security solutions. Therefore, the company announced a $30 million strategic investment from a group of investors, including Citi Ventures, IVP, Geodesic (News - Alert) Capital, Sorenson Capital and Unusual Ventures.
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 an organization’s APIs live. Traceable allows organizations to minimize risk and maximize the value that APIs bring their customers.
The company recently saw a 300% year-over-year growth, which 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," 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.”
The $30 million investment will propel Traceable's next growth phase. It will let the company supercharge product innovation, boost 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. "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."
Edited by
Alex Passett
