SentinelOne’s deal to amass PingSafe values the Peak XV-backed younger startup at over $100 million, two sources acquainted with the matter informed information.killnetswitch, in one of many strongest and quickest exits rising from India.
The New York Inventory Alternate-listed AI security agency disclosed the money and inventory deal to amass the two-year-old Indian startup final week, however didn’t reveal the monetary phrases. SentinelOne, PingSafe and PeakXV didn’t instantly reply to a request for remark. The phrases of the deal haven’t been beforehand reported.
Based in 2021, PingSafe is a comparatively new and small security firm with fewer than 100 workers and over 50 prospects, largely in India. The agency remained largely in stealth mode till final 12 months, and was backed by Peak XV’s Surge within the early-stage fund’s sixth cohort. PingSafe had raised a complete of about $3.3 million in funding.
“We expect integration of PingSafe’s CNAPP [cloud native application protection platform] will bolster S’s cloud security providing, offering a variety of agentless CNAPP capabilities – S has expressed its intent to be worth aggressive within the cloud security market and we marvel if the acquisition will play a job in pricing,” Barclays wrote in a be aware to purchasers.
PingSafe is “among the many quickest ‘seed to vital exits’ Indian ecosystem has ever seen,” Rajan Anandan, who leads Surge at Peak XV, tweeted final week.
“SentinelOne is a pioneer and chief in AI-powered security, and we share a standard mission to safe the cloud and make the Web a safer place,” mentioned Anand Prakash, founder and chief government of PingSafe and one of many world’s prime 5 white hat hackers, in a ready assertion final week. “The mix of our cutting-edge CNAPP capabilities with SentinelOne’s market-leading AI security platform will supercharge cloud security by offering world-class safety for multi-cloud infrastructure, from growth to deployment.”
The acquisition of PingSafe represents an additional endorsement of the rising development of Indian software program firms focusing on world enlargement. By first growing SaaS options within the residence market, a brand new technology of Indian entrepreneurs have subsequently set their sights on worldwide development.
New Delhi is inching nearer to launch the second part of its marquee Startup India program with a concentrate on deep tech startups, Indian every day Financial Occasions reported Monday. The deliberate doubling-down on superior expertise firms marks the newest gambit aimed toward reworking the subcontinent into a world innovation powerhouse to rival the likes of Silicon Valley.
