CyberTech startup Traceable AI has reportedly collected $60m in its Series B funding round, which was led by IVP and brings its post-money valuation to $450m.
Other commitments to the round came from BIG Labs, Unusual Ventures, Tiger Global Management and a selection of unnamed angel backers, according to a report from TechCrunch.
This capital injection will be used for product development, hiring more staff and customer acquisition.
Traceable AI is a CyberTech startup that lets clients discover, manage and secure all their APIs.
It works by collecting API traffic across an entire application landscape and leverage its advanced context-based behavioural analytics AI engine to see all APIs and the data they expose. Through tis it can block known and unknown attacks and provide threat analytics and forensics. The technology can integrate with existing infrastructure.
Traceable AI CEO Jyoti Bansal told TechCrunch, “APIs are the glue that keeps modern applications and cloud services together. As businesses large and small migrate en masse from monolithic to highly distributed cloud-native applications, APIs are now a critical service component for digital business processes, transactions, and data flows.
“However, sophisticated API-directed cyberthreats and vulnerabilities to sensitive data have also rapidly increased. Businesses need machine learning here. To have zero trust you need API clarity. You can no longer easily buy or hire security people, so you need to solve these vulnerabilities via technology.”
Earlier this week, industrial and financial juggernaut Sabanci acquired CyberTech company Radiflow in a $45m deal. The company provides cybersecurity solutions for critical infrastructure networks.
Copyright © 2022 FinTech Global