PingSafe Bags Funding From Peak XV To Scale Enterprise Cloud Security Offerings

Cybersecurity startup PingSafe has raised $3.3 Mn in a seed funding round led by Peak XV Partners (formerly Sequoia Capital India) and its accelerator programme Surge. 

The funding round also saw participation from several prominent angel investors, including PhonePe cofounder Rahul Chari, Neeraj Arora (former chief business officer of WhatsApp), Pratyus Patnaik (senior director, engineering, Okta), SquareX founder Vivek Ramachandran, Tata 1mg cofounder & CTO Gaurav Agarwal, Recko cofounder Saurya Prakash, and Tanglin Ventures.

The startup will use the funding to further expand its footprint across North America and Southeast Asia. 

Founded in 2021 by Anand Prakash and Nishant Mittal, PingSafe aims to be a one-stop shop platform for all cloud security-related enterprise needs. The platform uses cloud APIs and logs to collect information and detect exploitable vulnerabilities without human intervention. 

The startup claims to have quadrupled its user base in the past 12 months, and caters to big names such as Flipkart, Razorpay, PolicyBazaar, SBI General, Tata 1mg, among others. It also claims to have grown its revenues 10X in the last one year across multiple geographies and verticals. 

“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…,” PingSafe cofounder and CEO Anand Prakash said.

Commenting on the development, investor Rahul Chari said, “… 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.”

As cybersecurity risks associated with cloud migration see an uptick, PingSafe claims to be well-positioned to cater to the burgeoning cloud security market. Notably, the cybersecurity space has seen multiple high-ticket deals in the recent past. 

In April, cybersecurity startup CYFIRMA secured $5.5 Mn in its pre-Series B funding round from Israel-based VC fund OurCrowd L&T Innovation Fund. Days later, another startup Safe Security raised $50 Mn as part of its Series B funding round led by Sorenson Capital. 

PingSafe operates within the Cloud Native Application Protection Platform (CNAPP) segment of the cybersecurity domain. As per a report, the CNAPP industry’s market size was estimated to be approximately $8 Bn, fueled largely by the growing adoption of cloud networks and intensity of cybercrimes.