Gravitee, an API management and security platform based in Boulder, closed its Series B funding round Thursday with a total of $30 million of investments.
Riverside Acceleration Capital, RAC, led the round. Also participating were Kreos Capital, AlbionVC and Oxx. AlbionVC and Oxx previously participated in Gravitee's Series A, through which the startup raised $11 million last year.
Gravitee said the funding would accelerate its product development and go-to-market efforts. The startup aims to provide clients with tools that allow them to manage both their legacy and newer streaming protocols, as well as API security, in a single, easy-to-use and intuitive platform.
In an open letter, Gravitee CEO Rory Blundell described the investment as historic and said that the capital — raised at a time of overall economic uncertainty — demonstrated confidence in the company's product and vision.
"We are grateful to be in a position of such strength during a period where so many other tech companies are struggling to stay afloat or rein in runaway costs or misplaced investment strategies," Blundell said in the letter. "I credit this success to having the most feature rich API Management platform, exceptional talent, incredible investors, and customers that buy into our vision."
Despite the economic turbulence hitting some tech companies this year, Blundell said it's been a period of significant growth for Gravitee. Oxx, one of its investors, recently listed Gravitee as No. 9 on a list of the fastest-growing open source companies.
Earlier this year, the Virginia-based analyst firm Intellyx awarded Gravitee its 2022 Digital Innovator Award. Intellyx said it chooses its winners based on a rigorous briefing-selection process.
The startup works globally with clients across various industries. Some of its customers include the laundry detergent brand Tide and the French retail company Auchan, as well as Swiss Post, the national post of Switzerland, and the mail and e-commerce company PostNL.
Blundell said the companies are dealing with an "explosion" of protocols and complexity with their APIs, which creates more security risks. Gravitee is positioning itself to address both issues, he said.
"Gravitee's focus on effortless API management allows their customers to focus on their core business, while delivering their service through the digital channels their customers demand," Jonathan Drillings, a partner with RAC, said in a statement. “We're excited to support Gravitee along their journey, as the Company continues to deliver effortless API management to enterprise customers and their open source community.”
