PingSafe announced its emergence from stealth mode with $3.3M in seed funding. The funding round was led by Sequoia Capital India & Southeast Asia's 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 organisational needs. Along with the PingSafe team of cybersecurity researchers and industry executives, PingSafe aspires to be companies' go-to security thought partner as they modernise their cloud security posture.
“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 identify the most critical vulnerabilities and provide 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 organisations,” said 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, replaced existing security industry incumbents while showcased its ability to retain and increase revenue from existing customers. PingSafe is the highest-rated CNAPP platform 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 global business development efforts in India and US. With the Indian government bringing new regulations like Digital Personal Data Protection (DPDP) into law, along with the increasing cybersecurity risk faced by clients as they move to cloud, PingSafe is well positioned to serve the Indian cloud security market needs.
PingSafe already serves customers across multiple geographies and verticals, including notable names like Flipkart, Razorpay, Near Intelligence Inc. (NASDAQ: NIR), Ujjivan Bank, Skyflow, SBI General Insurance, Recko, and others.
According to Kroll in 2022, 59% of businesses in APAC reported being the victim of a cyber-attack. Although security expenditure has increased to prevent misconfigurations within organisations, cyberattacks have become increasingly frequent and sophisticated, with attackers utilising multiple individual vulnerabilities to compromise systems. This highlights a clear need for a platform that combines not only multiple capabilities like CSPM and CWPP in a single solution but also imitates novel attacks on an organisation’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 utilises its graph database to generate a normalised architecture of the cloud real estate of a client. Utilising 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 organisations 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,” said Rahul Chari, Co-Founder & CTO, PhonePe.
"With the wide scale adoption of cloud computing, we wanted a security solution that would proactively help us in securing our cloud real estate. PingSafe with its dynamic correlation across cloud assets made it really easy for us to solve our security challenges like cloud misconfigurations and regulatory compliance at scale," said Ratan Jyoti, CISO at Ujjivan Bank (NSE: UJJIVANSFB).
“With PingSafe’s comprehensive CNAPP platform and unique capabilities like secret scanning and dynamic cloud misconfiguration checks, our team overcame initial challenges related to lack of specific actionable alerts with respect to security misconfigurations. Moreover, with its various integrations we developed scalable and practical processes to protect our organization," said Saurabh Tiwari, CTO at PolicyBazaar.