- PingSafe is a cloud-native application protection platform (CNAPP) that helps companies target their biggest cloud security challenges, providing coverage for exploitable vulnerabilities
- In 2022, the company grew more than 10x and quadrupled their customer base, including top brands like Flipkart, Razorpay, and Near Intelligence (NASDAQ: NIR)
- The funding will be channeled into accelerating business development globally across US markets
SAN FRANCISCO, California (19 July 2023) – PingSafe, the only CNAPP platform powered by attacker intelligence, today announced its emergence from stealth mode with $3.3M in seed funding. 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, including Rahul Chari (Co-Founder & CTO, PhonePe), Neeraj Arora (ex-CBO, WhatsApp), Pratyus Patnaik (Senior Director, Engineering, Okta) and Vivek Ramachandran (Founder, SquareX) and Tanglin Ventures.
Founded by one of the top-ranked white hat hackers in the world, Anand Prakash, who has found vulnerabilities across companies like Uber, Meta, and Twitter, and Nishant Mittal, PingSafe envisions being a one-stop shop for all cloud security-related organizational needs. Along with the PingSafe team of cybersecurity researchers and industry executives, PingSafe aspires to be companies’ go-to security thought partner as they modernize their cloud security posture. PingSafe serves customers across multiple geographies and verticals, including notable names like Flipkart, Razorpay, Near Intelligence Inc. (NASDAQ: NIR), Skyflow, Belvilla, Recko (a Stripe Company), and others.
“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,”Anand Prakash, Founder & CEO, PingSafe
PingSafe has seen tremendous traction, growing ten times in revenue since last year. It has also quadrupled its customer base, replacing existing security industry incumbents while showcasing its ability to retain and increase revenue from existing customers. PingSafe is the highest-rated CNAPP according to peer-to-peer review site G2 and is part of AWS’s prestigious ISV Accelerate Program. In addition to advancing PingSafe’s unique approach to cloud security and product innovation, the funds will accelerate the go-to-market efforts specifically for the US market.
According to Markets and Markets, 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.
PingSafe aims to be the cloud security platform that bridges this 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. Furthermore, given that every company has a unique approach towards software development lifecycle, security, and investigation, PingSafe has a no-code policy builder that allows users to define custom policies better suited for their environments, giving complete cloud security coverage across any combination of cloud services and technology stacks.
“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. I have witnessed the unwavering passion that Anand and Nishant possess to solve this problem, and seeing the customer validation for PingSafe, I am proud to support them in this journey,”Rahul Chari, Co-Founder & CTO, PhonePe.
“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,”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,”Hari Palappetty, VP of Engineering at Near Intelligence Inc. (NASDAQ: NIR).
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.
Surge is Peak XV Partners’ rapid-scale up program. Surge combines up to USD 3 Mn of seed capital with company-building workshops, a global curriculum and support from a community of exceptional mentors and founders. The program’s goal is to supercharge early-stage startups in India and Southeast Asia and give founders an unfair advantage, right out of the gate.
For more information on Surge, visit www.surgeahead.com.