US-based AI-powered cybersecurity company, SentinelOne, is all set to acquire Indian cybersecurity startup PingSafe in a cash and stock deal. The New York Stock Exchange-listed AI security firm has not disclosed the financial terms.
Next-gen cloud security platform
Founded in 2021 by Anand Prakash and Nishant Mittal, PingSafe is a two-year-old security startup that remained in stealth mode until July last year. It secured $3.3 million in a seed funding round led by venture capital firm Peak XV Partners and its accelerator programme Surge.
Reportedly valued at over $100 million, PingSafe provides a next-generation cloud security platform based on attackers’ intelligence. This platform provides immediate defence against cyberattacks, offering unbounded visibility, leading detection, and autonomous response. Enterprises leverage the platform to prevent, detect, and respond to cyber-attacks.
The startup aims to be a one-stop platform for enterprise cloud security needs. The platform uses cloud APIs and logs to identify vulnerabilities autonomously without human intervention.
Why PingSafe?
The acquisition of PingSafe’s cloud-native application protection platform (CNAPP), combined with SentinelOne’s cloud workload security and cloud data security capabilities, is expected to offer companies a fully integrated platform for improved coverage, hygiene, and automation across their entire cloud footprint.
“SentinelOne is a pioneer and leader in AI-powered security, and we share a common mission to secure the cloud and make the Internet a safer place,” said Anand Prakash, founder and chief executive of PingSafe and one of the world’s top five white hat hackers, in a prepared statement last week. “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.”
