Cyber Security Startup PingSafe Launches from Stealth with $3.3M to Outsmart Attackers

• PingSafe helps companies target their biggest cloud security challenges, providing coverage for exploitable vulnerabilities.
• In 2022, revenues grew 10x and it has quadrupled customer numbers. The fresh funding will enable the company to scale across North America and SEA markets.

SAN FRANCISCO & SINGAPORE--(BUSINESS WIRE)-- PingSafe, the only CNAPP platform powered by attacker intelligence, has today launched publicly from stealth operations with a $3.3M seed funding round to help companies protect themselves against cyber attacks.

(L-R) Nishant Mittal, Co-Founder & CTO; Anand Prakash, Co-Founder & CEO (Photo: Business Wire)

The funding round was led by Sequoia Capital India & Southeast Asia's (now known as Peak XV Partners) Surge with participation from prominent angel investors* and Tanglin Ventures. Founded by career hackers and senior engineers Anand Prakash and Nishant Mittal in March 2022, PingSafe is the one-stop shop for all cloud security-related organizational needs. Anand Prakash has been widely decorated as a top-ranked white hat hacker globally having found vulnerabilities across big tech companies like Uber, Meta, and Twitter.

PingSafe is a cloud security platform that bridges the gap between attackers’ modus operandi and security solutions currently on the market. By aggregating intelligence via Cloud APIs and logs, PingSafe utilizes its graph database to generate a normalized architecture of the cloud real estate of a client. Utilizing its Offensive Security Engine, PingSafe then detects toxic and exploitable vulnerabilities, allowing security teams to make efficient decisions without relying on human verification of alerts.

“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. With the cloud security market evolving from point solutions towards context-aware platforms, PingSafe’s CNAPP platform is the next evolution in providing more comprehensive cloud security to organizations,” said Anand Prakash, Founder & CEO, PingSafe.

The company revenues have grown 10-fold in the last 12 months last year and has quadrupled its customer base across multiple geographies and verticals, notably servicing the needs of Flipkart, Razorpay, Near Intelligence Inc. (NASDAQ: NIR), Skyflow, Belvilla, Recko (a Stripe Company) among others. Today, PingSafe is the highest-rated CNAPP according to peer-to-peer review site G2 and is part of AWS's prestigious ISV Accelerate Program.

The CNAPP market size was estimated to be ~$8B in 2022 and is growing at a CAGR of 20%. Although security expenditure has increased to prevent misconfigurations within organizations, cyberattacks have become increasingly frequent and sophisticated, with attackers utilizing multiple individual vulnerabilities to compromise systems. This highlights a clear need for a platform that not only combines multiple capabilities like CSPM and CWPP in a single solution but also imitates novel attacks on an organization’s cloud infrastructure to highlight the most severe issues for the security team to address first.

“We are delighted to be one of the early customers. PingSafe's CNAPP platform is significantly less noisy and its alerts are more actionable as compared to alternatives. With its exceptional customer support and differentiators like secret scanning capabilities, PingSafe is poised to be an integral part of our security landscape for the future," said Daniel Wong, CISO at Skyflow.

“PingSafe helped us tackle a core problem faced by security leaders worldwide today: timely identification and resolution of resources affected by critical zero-day vulnerabilities like Log4j. PingSafe’s CNAPP platform and its capability to provide proof of exploitability made it super easy for us to choose it over other alternatives,” said Hari Palappetty, VP Engineering at Near Intelligence Inc. (NASDAQ: NIR).

*Angel investors include Rahul Chari (Co-Founder & CTO, PhonePe), Neeraj Arora (ex-CBO, WhatsApp), Pratyus Patnaik (Senior Director, Engineering, Okta), Vivek Ramachandran (Founder, SquareX), Gaurav Agarwal (Co-Founder & CTO, Tata 1mg) and Saurya Prakash (Co-Founder, Recko)

About PingSafe

PingSafe is the only CNAPP platform powered by attacker intelligence. PingSafe’s offensive security engine helps businesses address the most critical and exploitable vulnerabilities at blazing-fast speed and scale. PingSafe helps secure cloud environments across various hyper scalers like AWS, GCP, Azure and various deployments like Kubernetes, VMs, and serverless. PingSafe is securing customers' cloud infrastructure globally and is a leader in the CNAPP category on G2. PingSafe, is backed by Sequoia India and Southeast Asia’s (now known as Peak XV Partners) Surge and is based out of San Francisco and Bangalore.

About Peak XV Partners

Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm investing across India, Southeast Asia and beyond. Peak XV (pronounced Peak Fifteen) was the name used for Mount Everest before it was called that. It embodies everything we believe about building long-lasting businesses that stand tall and inspire greatness.

Over the last 17 years of our operations in the region, Peak XV has grown to manage over USD 9 billion in capital across 13 funds and invested in over 400 companies. To know more, check out peakxv.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230719073734/en/

Ankit Pahuja, Marketing Lead

Email: pr@pingsafe.com

Source: PingSafe