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), Saurya Prakash (Co-Founder, Recko), Vivek Ramachandran (Founder, SquareX) and Gaurav Agarwal (Co-Founder & CTO, Tata 1mg) 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.
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.
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This entry was posted on July 19, 2023 at 11:52 am and is filed under Commentary with tags PingSafe. You can follow any responses to this entry through the RSS 2.0 feed.
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PingSafe Exits Stealth With $3.3 Million USD In Seed Funding
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), Saurya Prakash (Co-Founder, Recko), Vivek Ramachandran (Founder, SquareX) and Gaurav Agarwal (Co-Founder & CTO, Tata 1mg) 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.
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.
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This entry was posted on July 19, 2023 at 11:52 am and is filed under Commentary with tags PingSafe. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.