Cybersecurity startup PingSafe on 20th July announced that the company has raised $3.3 million in a seed funding round led by Peak XV (formerly known as Sequoia Capital India) and others.
The round also saw participation from angel investors, including Rahul Chari, Neeraj Arora, Saurya Prakash, Vivek Ramachandran, Gaurav Agarwal and Tanglin Ventures.
According to PingSafe, the funds will ramp up global business development efforts in US and South-East Asian countries. 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 the cloud, PingSafe is well-positioned to serve the Indian cloud security market needs.
Founded by Anand Prakash and Nishant Mittal, PingSafe markets itself as a one-stop shop for all cloud security-related organizational needs.
Powered by Offensive Security Engine, PingSafe’s CNAPP platform helps identify the most critical vulnerabilities within a tech stack by imitating attacks from hackers. It helps security teams prioritize and focus only on the issues exploitable by the attackers.
“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 and CEO, PingSafe.
The startup already serves customers across multiple geographies and verticals, including Flipkart, Razorpay, Near Intelligence Inc., Ujjivan Bank, Skyflow, SBI General Insurance, Recko, and others.