B’lore-based Startup PingSafe Acquired By SentinelOne
SentinelOne, an American AI-powered cybersecurity company, has acquired Bengaluru-based startup PingSafe. The deal, involving a combination of cash and stock, is anticipated to be finalised in SentinelOne's first quarter of fiscal year 2025, subject to regulatory approvals and customary closing conditions.
PingSafe, founded in 2021 by ethical hackers Anand Prakash and Nishant Mittal, emerged from stealth mode in July last year, securing USD 3.3 million in seed funding led by venture capital firm PeakXV Partners’s startup accelerator program 'Surge'.
Renowned in the Indian ecosystem, Peak XV Partners Managing Director Rajan Anandan has lauded the acquisition, describing it as one of the fastest 'seed to significant exits' in the country's startup landscape through a post on X (Twitter).
PingSafe has been instrumental for companies such as Razorpay and Groww in fortifying their cybersecurity strategies and managing cloud environments effectively. For Razorpay, dealing with over USD 100 billion in transactions, PingSafe stands out among CNAPP solutions by enabling the identification and prioritisation of critical threats, allowing a proactive approach to thwart potential security breaches.
In a statement, Anand Prakash, founder and CEO of PingSafe said, “The combination of our cutting-edge CNAPP capabilities with SentinelOne’s market-leading AI security platform will supercharge cloud security by providing world-class protection for multi-cloud infrastructure, from development to deployment.”
SentinelOne plans to integrate PingSafe's cloud-native application protection platform (CNAPP) into its Singularity platform.
“With the addition of PingSafe, we intend to redefine cloud security by fusing best-of-breed cloud workload protection, AI and analytics capabilities with a modern and comprehensive CNAPP,” said Ric Smith, Chief Product and Technology Officer, SentinelOne.
SentinelOne has consistently expanded its cloud security functionalities beyond cloud workload security, and the integration of PingSafe is set to expedite this strategic initiative. This step is in line with SentinelOne's Singularity Unity Release strategy, unveiled in November, which aims to revolutionise security operations centres.
“This new approach to cloud security will eliminate the need for companies to navigate the complexity of multiple-point solutions, triage and investigate with incomple context, or pipe data between disparate data silos. Instead, they can comprehensively manage their entire attack surface from a single platform that, unlike legacy CNAPP and standalone providers, delivers the full context, real-time interaction and analytics needed to correlate, detect and stop multi-stage attacks in a simple, automated way,” Smith added.
