Cyber Security Startup PingSafe Raises $3.3 Million In Seed- Fund Round

PingSafe, a cutting-edge cybersecurity startup, has made its public debut after operating in stealth mode. The company successfully secured a seed funding round of $3.3 million, led by Sequoia Capital India & Southeast Asia's Surge (now known as Peak XV Partners), and saw participation from prominent angel investors and Tanglin Ventures. PingSafe's mission is to empower companies in their battle against cyber attackers.

PingSafe specializes in helping businesses tackle their most pressing cloud security challenges by providing comprehensive coverage for exploitable vulnerabilities. Over the course of 2022, the startup witnessed an astonishing 10-fold increase in revenues and quadrupled its customer base. The fresh funding infusion will enable PingSafe to expand its operations across North America and Southeast Asia markets.

PingSafe's innovative approach to cloud security, powered by attacker intelligence, sets it apart. Founded by career hackers and senior engineers Anand Prakash and Nishant Mittal, the startup bridges the gap between attackers' strategies and existing security solutions on the market.

By aggregating intelligence through Cloud APIs and logs, PingSafe utilizes its graph database to create a normalized architecture of a client's cloud infrastructure. The Offensive Security Engine, another key component of their platform, efficiently detects toxic and exploitable vulnerabilities, reducing the reliance on human verification of alerts.

Anand Prakash, Founder & CEO of PingSafe, emphasized their unique perspective on cybersecurity. He said, "Having discovered thousands of critical vulnerabilities in leading companies, we understand the mindset of hackers. At PingSafe, we incorporate this unique perspective into our CNAPP platform by adding capabilities like the Offensive Security Engine that identifies the most critical vulnerabilities and provides proof of exploitability, reducing the overhead of security teams."

The funding round was led by led by Peak XV Partners (formerly Sequoia India), with participation from angel investors that included Rahul Chari (co-founder and CTO, PhonePe), Neeraj Arora (ex-CBO, WhatsApp), Saurya Prakash (cofounder, Recko), Vivek Ramachandran (founder, SquareX), Gaurav Agarwal (co-founder and CTO, Tata 1mg), and Tanglin Ventures.

PingSafe's success is evidenced by its impressive customer portfolio, including prominent companies such as Flipkart, Razorpay, PolicyBazaar, Ujjivan Bank , SBI General, and Tata 1mg. The startup is currently the highest-rated CNAPP according to peer-to-peer review site G2 and has secured a coveted spot in AWS's prestigious ISV Accelerate Program.

With the global CNAPP market estimated at approximately $8 billion in 2022 and growing at a CAGR of 20%, PingSafe's comprehensive and context-aware platform addresses a clear market need. As cyberattacks become more frequent and sophisticated, the significance of robust cloud security solutions like PingSafe's becomes increasingly evident.

India's introduction of new regulations like the Digital Personal Data Protection (DPDP) law and the escalating cybersecurity risks associated with cloud migration position PingSafe to cater to the burgeoning demands of the Indian cloud security market.

Rahul Chari, Co-Founder & CTO of PhonePe, lauded PingSafe's team and their potential for leadership in the industry. He said"As organizations grow and scale applications in the cloud, holistic cloud security management is critical to ensure resilience against threats and breaches. PingSafe's team is highly motivated and has the right market experience to make PingSafe a leader in this space."

PingSafe, with its ground-breaking approach to cloud security, promises to be a game-changer in the cybersecurity landscape, safeguarding companies' cloud infrastructure worldwide.

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