Today, low-code application programming lifecycle management platform Apiwiz announced it had secured $2 million in seed funding from Raj Khaware, the founder and CEO of Veear Projects, to upscale its technological investment and customer base.
Apiwiz’s solution enables users to deploy, design, manage and monitor APIs across on-premise, cloud and hybrid cloud deployments, while providing a single source of truth where organizations can manage all the APIs used in the environment.
Centralizing API management is an approach that helps enterprises and technical decision makers manage and increase API reliability and reduce the chance of outages, while mitigating sprawl and decreasing reliance on insecure or unsupported open source technologies.
Securing APIs in the age of API sprawl
While 97% of enterprise leaders agree APIs are essential for survival, and companies invest $23.6 million annually in APIs, only 31% of organizations have a fully executed API program or strategy.
The general lack of organization and centralized API management tools has made it difficult for companies to manage APIs at scale, which has led to a loss of control over security vulnerabilities.
“A typical large enterprise has 15,000 APIs running, with multiple teams and groups working on them, but there is no single source of truth and no single view. Everyone has just a slice of information,” said Darshan Shivashankar, founder and CTO of Apiwiz.
“It is generally an afterthought that an API might go public. Security and governance are hard to enforce,” Darshan said. When a single public API can be used as a back door by a skilled attacker, this is a major risk that many organizations are failing to mitigate.
Apiwiz is aiming to make it easier for enterprises to manage and secure APIs by increasing visibility over the entire API stack, so that they can monitor them from a single, centralized location.
“Apiwiz platform proposes centralized defining of best practices [and] decentralized enforcement. This allows developers to focus on innovation with speed and agility,” said Rakshith Rao, cofounder & CEO of Apiwiz.
The API management space
The organization is competing against a range of providers in the API management market which researchers valued at $3.87 billion in 2020, and anticipate will reach $7.54 billion in 2026 as the use of applications grows more widespread.
Apiwiz is competing against a number of competitors in the space including Postman, an API management platform designed for building APIs with a centralized API repository, which obtained $225 million in funding in 2021 and achieved a valuation of $5.6 billion.
Another competitor is API design tool Stoplight, which comes with mock servers so users can test designs, and automatic validation against preconfigured or custom style guides. Last year Stoplight raised $11 million as part of a Series A funding round, bringing its total funding to date up to $21 million.
While all three companies are competing to address similar challenges, Darshan and Rakshith argue that Apiwiz’s low-code approach differentiates from other providers on the market. “The low-code approach significantly reduces the effort and cost required for managing API programs at scale,” Darshan said.
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