Traceable secures $20m in its Series A to help it launch out of stealth

July 15, 2020

End-to-end application security monitoring solution Traceable has secured $20m in its Series A round, as it launches from stealth.

The investment was supplied by Unusual Ventures and BIG Labs.

Jyoti Bansal is the co-founder and CEO of Traceable. Prior to this role, Bansal was the founder and CEO of application performance management tool AppDynamics, which he sold to Cisco for $3.7bn. Sanjay Nagaraj is Traceable’s fellow co-founder and CTO.

The company claims that the broad use of APIs in cloud-native applications has increased the attack surfaces of businesses.

Bansal said, “It became clear to us that a drastically new approach to application security was needed to protect businesses as they deploy their applications in cloud-native architectures.

“Existing solutions were designed to protect traditional monolithic web apps with well-understood protocols. They aren’t capable of understanding distributed applications using thousands of custom APIs.”

With businesses moving to cloud-native applications, Traceable was established to help protect them from new online threats. Bansal and Nagaraj noticed the need of better online security for cloud-native architectures while working at AppDynamics.

Its platform monitors the end-to-end application activity from the user to identify any illicit activity. Machine learning technology analyses data to learn normal application behaviour and detect anything which deviates from this. Once something has been identified, the solution monitors the attack and performs root cause analysis.

Nagaraj said, “While we were building Traceable, we realized that every business and every application should have access to a robust distributed tracing system. Highly distributed cloud-native applications are almost impossible to operate and troubleshoot without distributed tracing.

“So we decided to make this core part of our platform, open source and freely available. We hope the community not only adopts Hypertrace but feels empowered to contribute to the project to make it even better.”