PingSafe: Cloud Security Startup Raises $3.3 Million in Funding to Revolutionize Cybersecurity
PingSafe, a cloud-native application protection platform (CNAPP) startup, has announced its successful acquisition of seed funding of $3.3 million.

Led by the startup accelerator program Surge and operated by Peak XV Partners (previously known as Sequoia Capital India), the funding round also saw participation from Tanglin Ventures and other notable angel investors.

Founded in 2022 by ethical White-hat security hackers Anand Prakash and Nishant Mittal, PingSafe aims to revolutionize cloud security by offering a platform that detects vulnerabilities without human intervention, helping organizations stay ahead of cyber threats.

The Idea behind PingSafe

Anand Prakash, the Founder, and CEO of PingSafe, is one of the world’s top white-hat hackers, known for consistently delivering successful bug bounty programs for major corporations like Uber, Meta (formerly Facebook), Twitter, Tinder, and Salesforce. In one of his interviews, he explained that while working with various companies, he realized they addressed insignificant issues rather than the actual bug or threat. Prakash’s forward-thinking approach made him recognize the need to bridge the gap between attackers’ tactics and security measures taken by companies. To do this, he consolidated intelligence from Cloud APIs and logs.

Co-founder Nishant Mittal joined forces with Anand Prakash to create PingSafe’s unparalleled CNAPP platform. They have combined their expertise and a unique attacker’s mindset to build an intelligent cloud security solution.

Utilizing a graph database, PingSafe maps out a client’s cloud infrastructure to detect and eliminate vulnerabilities that could be exploited. The platform’s Offensive Security Engine (OSE) plays a vital role in identifying the issues and providing proof of exploitability, reducing the need for verification by security teams.

Revolutionizing Cloud Security

As cyberattacks continue to increase worldwide, cloud security has become a massive concern for businesses. PingSafe’s comprehensive CNAPP platform is an effective solution to tackle these security challenges. By simulating attacks on an organization’s cloud infrastructure, the platform pinpoints the most urgent issues for security teams to address, enabling proactive defense measures. While other platforms and tools work with Defence Security Engines, pointing out many insignificant problems in the cloud, PingSafe operates on Offensive Security Engines that puts forward vulnerabilities worth covering.

Since its inception, PingSafe has experienced remarkable growth, with its revenue growing tenfold in the past year. The Bengaluru-based startup has quadrupled its customer base, serving clients across various verticals, including prominent names like Flipkart, Razorpay, Skyflow, and SBI General Insurance.

Future Expansion and Vision

With the fresh funds, PingSafe aims to develop its CNAPP platform further and expand adoption among companies seeking to enhance their cybersecurity. Pingsafe has now set up bases in Bengaluru, Singapore, and San Francisco. The startup’s focus on innovation and commitment to bridging the gap between attackers’ tactics and defense mechanisms position PingSafe as a leading force in revolutionizing cloud security. PingSafe intends to use the funds to further scale across North America and South East Asian markets.

With a unique OSE and a solid customer base, PingSafe is well-placed to make a lasting impact in the cybersecurity landscape, safeguarding organizations from evolving cyber threats across the globe.