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Cyber Security Startup PingSafe Launches from Stealth with $3.3M to Outsmart Attackers
PingSafe has launched publicly from stealth operations with a $3.3M seed funding round to help companies protect themselves against cyber attacks.

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.

Published Wednesday, July 19, 2023 1:10 PM by David Marshall
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