Traceable, a company that has developed a security monitoring platform for cloud applications, emerged from stealth mode on Tuesday.
The startup also announced that it has raised $20 million from Unusual Ventures and BIG Labs in a Series A funding round. This was the company’s first funding round and it plans on using the money to improve its product and boost go-to-market initiatives.
Traceable was founded by Jyoti Bansal (CEO) and Sanjay Nagaraj (CTO). Bansal previously founded AppDynamics, an application performance management and IT operations analytics company that was sold to Cisco in 2017 for $3.7 billion. Bansal also founded Harness, a continuous delivery-as-a-service platform.
Traceable says it aims to address challenges associated with securing cloud-native applications, which can rely on thousands of microservices, and vulnerabilities in microservice APIs can allow malicious actors to hack applications and obtain sensitive information.
The company’s product uses distributed tracing and a machine learning technology named TraceAI to provide end-to-end application monitoring, including user and session activity, as well as its code. The platform is designed to establish a baseline of regular application behavior and detect any abnormal activity, enabling organizations to analyze attack attempts and identify the root cause of an incident.
“Machine learning is only as good as the data it uses to learn. With our distributed tracing feeding TraceAI, we are able to analyze hoards of data to make accurate predictions of who is good and who is bad with a less than 1% false-positive rate,” Nagaraj explained.
Nagaraj told SecurityWeek that they are providing customers early access to the platform, but he says the company is currently not making public any information about pricing.
Traceable also announced that the underlying distributed tracing technology has been released as open source as Hypertrace.
“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,” Nagaraj said. “So we figured, let’s make this part of our technology 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.”
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