Traceable, an API security startup, receives investment from Citigroup’s VC arm

Jyoti Bansal, the co-founder of San Francisco-based security company Traceable, is making waves in the cybersecurity industry with his innovative approach to protecting customers’ APIs from cyberattacks. Bansal, who previously co-launched the successful startup AppDynamics, recognized the growing threat of API attacks and decided to take action.

According to cybersecurity firm Check Point, API attacks have been on the rise, affecting nearly one quarter of organizations every week in the first month of 2024. These attacks come in various forms, from overwhelming APIs with traffic to exposing sensitive data transferred via APIs.

To combat these threats, Traceable applies AI to analyze usage data and detect abnormal API behavior in real time. The company’s software can identify existing and new APIs, including undocumented and deprecated ones, providing a comprehensive solution for API security.

Despite the crowded API security solutions market, Traceable is holding its own, analyzing around 500 billion API calls a month for approximately 50 customers. The company recently announced a $30 million strategic investment from investors like Citi Ventures and IVP, valuing Traceable at $500 million post-money.

With plans to expand its team and further develop its platform, Traceable is poised for growth in the cybersecurity industry. Bansal’s strategic approach to building a sustainable company has garnered attention from investors and customers alike, solidifying Traceable’s position as a leader in API security.