Cybersecurity startup PingSafe raises $3.3M in seed funding led by Peak XV

PingSafe AI, an innovative cloud-native application protection (CNAPP) platform, has raised $3.3 million in a seed funding round led by Sequoia Capital India & Southeast Asia's Surge, which now goes by Peak XV Partners, as well as high-profile angel investors.

Founded by Anand Prakash and Nishant Mittal, PingSafe AI said it aims to position itself as a comprehensive solution for all cloud security requirements for organizations.

Over the past year, The startup claims to have witnessed remarkable growth, increasing its revenue tenfold and quadrupling its customer base, thereby challenging established security industry players. The company's exceptional service delivery and customer retention have been instrumental in this success.

With this round of funding, The startup will focus on boosting its innovative approach to cloud security and product development and bolster its business expansion efforts in India and the US market.

A 2022 report from Kroll revealed that 59% of businesses in the Asia-Pacific region were victims of cyberattacks. Despite increased security spending to avert organizational misconfigurations, cyber threats have grown in frequency and complexity.

In response to these sophisticated threats, PingSafe said it aims to provide an all-encompassing platform that can simulate new attacks on an organization's cloud infrastructure, thereby identifying the most critical issues for security teams to address.

Through its unique approach of aggregating intelligence via Cloud APIs and logs, PingSafe can produce a normalized blueprint of a client's cloud architecture. The company's Offensive Security Engine then detects vulnerabilities, empowering security teams to make informed decisions without needing to verify alerts manually.

PingSafe's bespoke no-code policy builder caters to each company's unique software development, security, and investigation approaches. This feature enables users to craft custom policies suitable for their specific environments, ensuring comprehensive cloud security coverage across all combinations of cloud services and technology stacks.

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