The API security firm, Traceable AI, has announced a successful year marked by a 300% increase in revenue. Alongside this, the company further fortified its executive team with industry veterans while concurrently launching new products.

According to the company, the growth testifies to the benefits Traceable offers to companies grappling with the intricate risks to APIs. The company’s proficiency in API discovery, stance management, testing and attack protection is persistently aiding firms to expertly manage API risk.

Traceable’s revenue growth mirrors its customer-oriented execution, product development, and the growing demand for context-driven API security, according to the company, with a growth strategy focused on enhancing product offerings and extending influence globally.

Among the company's successes, Traceable has seen a significant expansion in customers across a range of sectors and regions, including telecom operator Globe Telecom. The company has also announced partnerships with Fortune 500 corporations.

Traceable has broadened its API Security Platform with new capabilities in fraud prevention, initiated a partnership with Wiz for integrated cloud and API security, and launched a Zero Trust API Security Reference Architecture. These additions reflect the company's aim to continue to deliver API security solutions capable of overcoming contemporary organisations’ security challenges.

The company also welcomed key individuals to its leadership team in strategic positions led significant market expansion via a growing partner network, powering the global availability of their API security solutions.

Among its key accomplishments this past year, Traceable released the ‘State of API Security Report,’ an industry-first global study that unveiled the vast scale of API risks. With 61% of companies predicting an uptick in API risk over the next two years and 74% having suffered at least three API-related breaches, the information provided crucial insight sparking enhancement in business security strategies.

The company's API security program gained persistent industry appreciation throughout the year, including awards. This recognition applauded the considerable global impact of the company’s API Security Platform which uses an API Security Data Lake to present a complete, 360-degree overview of API activity, user behaviour, data flow, and code execution.

Jyoti Bansal, CEO and co-founder of Traceable, noted, "This growth is made possible because of our customer-centric team, product innovation, and our partners; together, we're leading this change. And it’s just the beginning. Our vision is a future where businesses never have to worry about the security of their APIs."

Traceable aims to continue its momentum into the future with a focus on providing pioneering API security solutions to all businesses, driven by a commitment to customer success, product innovation and robust partnerships.