Sunday, December 10, 2023

CISO Group Investors Funded $250k to Traceable

Traceable is a security startup focused on modern applications and API security. A serial tech entrepreneur named Jyoti Bansal is the founding member who sold AppDynamics for $3.7 Billion back in the year 2017. 

Bansal has a great history of launching successful ventures such as Harness. His new startup traceable recently got huge funds from the CISO group, but the startup’s co-founder is more focused on the valuable guidance from CISO members.

According to him, “It’s all about the guidance that we get from CISO investors. No investor currently has a seat onboard, but still, they are available as advisors.”. He is more inclined towards direct assistance from CISO members who can discuss roadmaps and pricing plans for Tracable’s upcoming products. 

A total of 30 Chief Information Security Officers funded Traceable with a sum of $250,000. These angel investor CISOs are from Silicon Valley CISO Investments organization that is well-known for funding cybersecurity startups. 

Traceable’s CEO Response over new Funds

Jyoti Bansal leads two other companies named Unusual Ventures and Big Labs. He raised over $20 Million in series A funding from these two companies. 

Bansal told CRN that “Traceable has already received over $20 Million investment; hence, this $250,000 funding is not going to create much difference.”

Bansal is more focused on getting valuable market insights or help with his product roadmap from CISO investors rather than new funds. He further emphasized that these CISOs are from reputable companies, and it’s truly exciting to see them trust and invest in Traceable.

He further added that Traceable is a security firm focused on detection and discovery. We use machine learning algorithms to find security flaws in modern applications. These modern applications often have unsecured APIs, and attackers are targeting these exposed APIs to gain access to sensitive information.

Traceable already got some existing customers, including Houwzer (a Philadelphia-based company) and Marqeta (a Digital payments company).

The SVCI (Silicon Valley CISO Investments) was looking for such cybersecurity startups to invest in them, and they saw great potential in Traceable; hence multiple CISOs created a pool fund of $250k that was later invested in Traceable.

SVCI has been funding startups and security ventures since 2019, and Traceable is their third or fourth investment in a single year.

Traceable Investment SVCI Participants

Multiple CISOs collaborated together to create a pool fund for Traceable. The major participants in this investment were:

● Jonathan Jaffe — A SVCI investor, Chief Information Security Officer Lemonade (a New York-based insurance company)

● Lakshmi Hanspal — Chief Security Officer at Box (San Francisco-based Cloud Storage Vendor)

● Craig Rosen — Chief Security & Trust Officer at ASAPP (a New York-based AI-based Development company)

Jyoti Bansal is happy with these funds coming from well-known CISOs of Silicon Vallery, but he expects direct support from these talented people to develop his product roadmap. Bansal currently has enough funds to make Traceable a success, but his aims are higher as he wants to improve his products for providing a perfect API security solution for modern apps. 

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