Traceable recently raised $30 million in a strategic investment from a group of backers, including Citi Ventures, IVP, Geodesic Capital, Sorenson Capital, and Unusual Ventures. This investment, which values Traceable at $500 million post-money and brings the total raised to $110 million, will be used for product development, scaling up the platform and customer engineering teams, and building out the company's partnership program. Bansal expects the company's headcount to reach 230 by the end of 2024.
Key takeaways:
- Jyoti Bansal co-founded Traceable, a San Francisco-based security company that uses AI to protect customers' APIs from cyberattacks.
- API attacks are increasing, with nearly one quarter of organizations affected every week in the first month of 2024, a 20% increase from the same period a year ago.
- Traceable is currently analyzing around 500 billion API calls a month for approximately 50 customers and expects its revenue to double this year.
- Traceable recently raised $30 million in a strategic investment from a group of backers, bringing its total raised to $110 million. The funds will be used for product development, scaling up the platform and customer engineering teams, and building out the company's partnership program.