Cybersecurity startup PingSafe raised $3.3 million in a seed led by Peak XV Partners (formerly Sequoia Capital India) and its accelerator program Surge where prominent angel investors, including Rahul Chari (PhonePe co-founder), Neeraj Arora (former chief business officer of WhatsApp), and Gaurav Agarwal (Tata 1mg co-founder & CTO), among others also participated.
Expansion Plans and Platform Overview
The fresh funding will be utilized by PingSafe to expand its presence across North America and Southeast Asia. In 2021, Anand Prakash and Nishant Mittal founded the startup. The aim of the startup is to be a comprehensive platform for all cloud security-related enterprise needs. It employs cloud APIs and logs to gather information and detect exploitable vulnerabilities without human intervention.
PingSafe Impressive Growth and Notable Clients
PingSafe has experienced significant growth, quadrupling its user base in the last 12 months. The company caters to well-known entities such as Flipkart, Razorpay, PolicyBazaar, SBI General, and Tata 1mg, among others. It also claims to have achieved a remarkable 10x revenue growth in the past year across various regions and industries.
Innovative Features of PingSafe Platform
Anand Prakash, co-founder, and CEO of PingSafe highlighted the platform’s unique approach, stating, “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.”
Capitalizing on the Growing Cloud Security Market
PingSafe strategically positions itself within the Cloud Native Application Protection Platform (CNAPP) segment of cybersecurity. This positioning allows the company to capitalize on the growing cloud security market. As cloud migration brings an increase in cybersecurity risks, PingSafe is well-prepared to meet industry demands. The cybersecurity space has witnessed several significant deals in recent times, highlighting the sector’s rapid growth and investor interest. Reports estimate the CNAPP industry’s market size at around $8 billion. The rising adoption of cloud networks and the prevalence of cybercrimes fuel this growth.
