PingSafe, a San Francisco, CA-based cybersecurity startup that offers a comprehensive cloud security platform, raised $3.3 million in a seed funding round led by Peak XV Partners and Surge, with participation from Tanglin Ventures.
Several prominent angel investors, including PhonePe co-founder 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, also participated in the round.
The funding will be used to further expand its footprint across North America and Southeast Asia. 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, and Tata 1mg, among others. It also claims to have grown its revenues 10 times in the last 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.
Company: PingSafe, Inc.
Raised: $3.3M
Round: Seed Round
Funding Month: July 2023
Lead Investors: Peak XV Partners and Surge
Additional Investors: Tanglin Ventures, Rahul Chari, Neeraj Arora, Pratyus Patnaik, Vivek Ramachandran, Gaurav Agarwal, and Saurya Prakash
Company Website: https://www.pingsafe.com/
Software Category: Cloud Security Platform
About the Company: Founded in 2021 by Anand Prakash and Nishant Mittal, PingSafe is a cybersecurity company that offers a cloud security platform that protects against vulnerabilities that traditional security solutions may miss. PingSafe operates within the Cloud Native Application Protection Platform (CNAPP) segment of the cybersecurity domain. PingSafe helps businesses across various sizes and verticals transform cloud security and eliminate all hidden and exploitable vulnerabilities.
Source: https://inc42.com/buzz/pingsafe-bags-funding-from-peak-xv-to-scale-enterprise-cloud-security-offerings/