The round was led by Riverside Acceleration Capital and saw participation from Kreos Capital, as well as existing investors AlbionVC and Oxx, bringing the UK-based company’s total amount raised to date to $41 million.
The startup is better known as Gravitee.io and has created an open-source API management platform that provides a suite of tools developers can use to more easily manage legacy and newer streaming protocols. . It also bundles API security tools into its platform.
The platform is split into two distinct offerings, with Gravitee.io API Management aimed at API publishers, and Gravitee.io Access Management designed to make life easier for those who need access to APIs. Together, the two platforms cover everything from API design and management to deployment and security, the company says.
APIs are widely used by developers because they allow applications to easily communicate with other products and services, without needing to understand how they are implemented. The main advantage of APIs is that they simplify integration between applications, which greatly facilitates the life of developers.
Gravitee.io chief executive Rory Blundell said that as APIs become more popular, companies have to deal with an increasingly demanding user base that wants to consume APIs in their own way. At the same time, the APIs themselves are becoming more complex. “With increased protocol complexity comes increased API security risk,” Blundell said. “Gravitee.io is uniquely positioned in the market to address this intersection of protocol complexity and security.”
Although the core product is free, Gravitee.io sells additional business services that can make API management even easier. He says this business model is proving successful, with various companies signing up as paying customers, including French multinational Auchan SE, Swiss national postal service La Poste Suisse and global payment infrastructure provider Derivative Path Inc.
“For a handful of organizations, APIs are the product itself. For everyone else, APIs are a pathway to market — a way to collect or share data, a way to deliver content, or an enabler of transactions — and for that market majority, there’s Gravitee,” said said Jonathan Drillings, partner at Riverside Acceleration Capital. “Gravitee’s focus on effortless API management allows its customers to focus on their core business, while delivering their service through the digital channels their customers demand.”
Gravitee.io said it will use funding from today’s round to accelerate its go-to-market plans and further expand its product line.