IT security startup Traceable AI raises USD 60 million from Institutional Venture Partners, others

IT security startup Traceable AI on Tuesday said it raised USD 60 million, about Rs 460 crore, in a funding round led by Institutional Venture Partners.

This new funding values Traceable AI at more than USD 450 million, the company said in a statement.

Tiger Global Management and existing investors Unusual Ventures and BIG Labs also participated in the latest funding round.

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Traceable AI, which has employee base split between India and US, 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.

Started two years ago by AppDynamics and Harness founder Jyoti Bansal along with former AppDynamics VP of Engineering Sanjay Nagaraj, Traceable AI had raised USD 20 million in series A round in July 2020.

"Traceable offers a fundamentally differentiated solution that provides coverage across the full DevSecOps (Development Security and Operations) software lifecycle ? from API development and testing to runtime protection.

"The company is led by Jyoti Bansal and Sanjay Nagaraj, proven entrepreneurs whom we have been fortunate to work with before. They listen to customer needs and know how to deliver software at scale," IVP general partner Steve Harrick was quoted as having said in a statement.