US-based SentinelOne, a leading AI-powered cybersecurity company, is set to acquire Bengaluru-based cybersecurity startup PingSafe in a cash and stock deal. Founded in 2021 by Anand Prakash and Nishant Mittal, PingSafe has rapidly emerged as a comprehensive enterprise cloud security platform, utilizing cloud APIs and logs to autonomously identify vulnerabilities without human intervention. Claiming to have quadrupled its user base over the past 12 months, PingSafe serves prominent entities such as Flipkart, Razorpay, PolicyBazaar, SBI General, Tata 1mg, and others. After coming out of stealth mode in July last year, the startup secured $3.3 million in a seed funding round led by venture capital firm Peak XV Partners (formerly Sequoia Capital India) and its Surge accelerator program.
PingSafe's cloud-native application protection platform (CNAPP) caught the attention of SentinelOne, which plans to integrate it into its Singularity platform, foreseeing a 'paradigm shift' in cloud security. The Singularity Platform, known for immediate defense against cyberattacks, will now be enhanced with PingSafe's CNAPP, providing enterprises with improved coverage, hygiene, and automation across their entire cloud footprint. Ric Smith, Chief Product and Technology Officer at SentinelOne, highlights the streamlined management and unified approach of the new cloud security paradigm.
This integration eliminates the need for multiple solutions, simplifies triage and investigation, and offers real-time interaction and analytics to detect and prevent multi-stage attacks in a simple, automated manner. The deal is anticipated to be finalized in SentinelOne’s first quarter of fiscal year 2025, subject to regulatory approvals and customary closing conditions. This strategic move aligns with the trend of significant deals in the cybersecurity sector, reflecting the industry's dynamic landscape.
In recent months, the cybersecurity space has witnessed noteworthy transactions, such as quantum-safe cybersecurity technology firm QNu Labs securing $6.5 million in its Pre-Series A1 funding round in December 2023. The global CNAPP market is poised for substantial growth, with a projected size of $23.1 billion by the end of 2030, driven by a nearly 20% CAGR between 2022 and 2030, according to industry reports.
