PingSafe, a cybersecurity company offering an intelligent cloud-native application protection platform (CNAPP), announced its public launch today.
The company secured $3.3m in a seed funding round to help businesses strengthen their cyber defence. The investment was led by Sequoia Capital India & Southeast Asia, now known as Peak XV Partners, along with contributions from renowned angel investors and Tanglin Ventures.
PingSafe is a comprehensive solution for all cloud security concerns within an organisation. It bridges the gap between the attacker’s tactics and the existing security measures. By consolidating intelligence from Cloud APIs and logs, PingSafe uses its graph database to map out a client’s cloud infrastructure, detecting vulnerabilities that could be exploited.
The funding will be channelled into further developing their CNAPP platform. With the unique integration of an Offensive Security Engine, PingSafe not only identifies critical vulnerabilities but also provides proof of exploitability. This significantly reduces the need for manual verification of alerts by security teams.
In the past year, the company’s revenue has multiplied tenfold and its customer base has quadrupled across various geographies and verticals. Some notable clients include Flipkart, Razorpay, Near Intelligence Inc., Skyflow, Belvilla, and Recko. PingSafe also proudly stands as the top-rated CNAPP according to G2, a peer-to-peer review site, and is part of AWS’s prestigious ISV Accelerate Program.
The CNAPP market was valued at approximately $8bn in 2022 and is growing at a compound annual growth rate (CAGR) of 20%. Despite the increasing expenditure on security to prevent organisational misconfigurations, cyberattacks have only become more frequent and sophisticated. This underscores the pressing need for platforms like PingSafe that can simulate novel attacks on a company’s cloud infrastructure, pinpointing the most urgent issues for the security team to tackle.
Reflecting on their unique approach, PingSafe founder & CEO Anand Prakash said, “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.”
Early customer Daniel Wong, CISO at Skyflow, spoke positively about their experience, stating, “PingSafe’s CNAPP platform is significantly less noisy and its alerts are more actionable as compared to alternatives. With its exceptional customer support and differentiators like secret scanning capabilities, PingSafe is poised to be an integral part of our security landscape for the future.”
Highlighting the timeliness and effectiveness of the platform, Hari Palappetty, VP Engineering at Near Intelligence Inc., said, “PingSafe helped us tackle a core problem faced by security leaders worldwide today: timely identification and resolution of resources affected by critical zero-day vulnerabilities like Log4j. PingSafe’s CNAPP platform and its capability to provide proof of exploitability made it super easy for us to choose it over other alternatives.”
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