Bengaluru-based cyber security startup PingSafe has secured a $3.3 million seed funding in a round led by Peak XV Partners (formerly Sequoia India), highlighting the growing demand for cloud-specific cyber security products. The cloud-native application protection platform (CNAPP) market is estimated to grow $30 billion by 2030, according to reports.
This is Peak XV Partners' second funding announcement since their recent rebranding from Sequoia India. In June Bengaluru-based space tech startup Digantara secured $10 million from Peak XV.
The round also saw participation from angel investors including PhonePe co-founder and CTO Rahul Chari, Tata 1mg co-founder and CTO Gaurav Agarwal, SquareX founder Vivek Ramachandran and others.
The startup is headed by ethical hackers Anand Prakash, co-founder and CEO and Nishant Mittal, co-founder and CTO; and they make products in the cloud security segment.
Speaking to Moneycontrol, Prakash said, "We will be using this seed funding on product innovation. It also be used for our expansion plans in North America." The startup currently has a workforce of around 60 employees.
The company claims to have customers such as Flipkart, Razorpay, Near Intelligence Inc., PolicyBazaar, Ujjivan Bank, SBI General, Tata 1mg among others.
PhonePe's Rahul Chari said, “As organisations grow and scale applications in the cloud, holistic cloud security management is critical to ensure resilience against threats and breaches. PingSafe’s team is highly motivated and has the right market experience to make PingSafe a leader in this space."
Saurabh Tiwari, CTO at PolicyBazaar, “With PingSafe’s comprehensive CNAPP platform and unique capabilities like secret scanning and dynamic cloud misconfiguration checks, our team overcame initial challenges related to lack of specific actionable alerts with respect to security misconfigurations. Moreover, with its various integrations we developed scalable and practical processes to protect our organization."
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