Red Hat and Elastic announced an expanded collaboration to deliver next-generation search experiences supporting retrieval augmented generation (RAG) patterns using Elasticsearch as a preferred vector database solution integrated on Red Hat OpenShift AI.
Traceable AI raised $60 million in Series B funding.
This new funding values Traceable AI at more than $450 million.
This investment round was led by Institutional Venture Partners (IVP), and other investors include Tiger Global Management and existing investors Unusual Ventures and BIG Labs. Traceable AI plans to use this round of funding to accelerate its next phase of growth by further investing in its product development and research efforts, expanding its sales and marketing teams, and expanding global sales.
"API security has become a major security and compliance concern for most companies," said Steve Harrick, general partner, IVP. "Traceable offers a fundamentally differentiated solution that provides coverage across the full DevSecOps software lifecycle — from API development and testing to runtime protection. The company is led by Jyoti Bansal and Sanjay Nagaraj, proven entrepreneurs who we have been fortunate to work with before. They listen to customer needs and know how to deliver software at scale."
Traceable was started two years ago by AppDynamics and Harness founder Jyoti Bansal and former AppDynamics VP of Engineering Sanjay Nagaraj through a $20 million Series A in July 2020.
"Widespread use of APIs in cloud-native applications has led to a significantly larger attack surface, intensifying the challenge of protecting these APIs from malicious usage or abuse," said Bansal. "Bad actors only need one API entry point to access an organization's data and cause irreparable financial, reputational and service interruptions damage. Traceable AI applies the power of machine learning and distributed tracing to truly understand how an application really works in the context of the business, and therefore, be able to detect anomalies and block threats to keep customers secure and resilient against next-gen attacks."
By leveraging the team's expertise in distributed tracing and observability, Traceable AI is the only API security platform that discovers, manages and secures APIs for enterprise-level organizations. Their differentiated capabilities provide coverage for the most important API security use cases, including API discovery, sensitive data exfiltration, and detecting and blocking attacks such as account takeover, API abuse and API fraud.
"As we know, all businesses are run by software. Given that APIs are the core engine of any software model today, it's imperative that we secure them to protect the business", said John Vrionis, partner at Unusual Ventures. "We are extremely excited to be a part of the Traceable team and their continued efforts to help enterprises secure their most important software asset – APIs."
Industry News
Traceable AI announced an Early Access Program for its new Generative AI API Security capabilities.
StackHawk announced a new integration with Microsoft Defender for Cloud to help organizations build software more securely.
MacStadium announced that it has obtained Cloud Security Alliance (CSA) Security, Trust & Assurance Registry (STAR) Level 1, meaning that MacStadium has publicly documented its compliance with CSA’s Cloud Controls Matrix (CCM), and that it joined the Cloud Security Alliance (CSA), the world’s leading organization dedicated to defining and raising awareness of best practices to help ensure a secure cloud computing environment.
The Cloud Native Computing Foundation® (CNCF®) released the two-day schedule for CloudNativeSecurityCon North America 2024 happening in Seattle, Washington from June 26-27, 2024.
Sumo Logic announced new AI and security analytics capabilities that allow security and development teams to align around a single source of truth and collect and act on data insights more quickly.
Red Hat is announcing an optional additional 12-month EUS term for OpenShift 4.14 and subsequent even-numbered Red Hat OpenShift releases in the 4.x series.
HAProxy Technologies announced the launch of HAProxy Enterprise 2.9.
ArmorCode announced the general availability of AI Correlation in the ArmorCode ASPM Platform.
Octopus Deploy launched new features to help simplify Kubernetes CD at scale for enterprises.
Cequence announced multiple ML-powered advancements to its Unified API Protection (UAP) platform.
Oracle announced plans for Oracle Code Assist, an AI code companion, to help developers boost velocity and enhance code consistency.
New Relic launched Secure Developer Alliance.
Dynatrace is enhancing its platform with new Kubernetes Security Posture Management (KSPM) capabilities for observability-driven security, configuration, and compliance monitoring.
Red Hat announced advances in Red Hat OpenShift AI, an open hybrid artificial intelligence (AI) and machine learning (ML) platform built on Red Hat OpenShift that enables enterprises to create and deliver AI-enabled applications at scale across hybrid clouds.