SentinelOne to acquire Peak XV-backed cybersecurity startup Pingsafe

From one Silicon Valley to Next: American cybersecurity firm SentinelOne is in the process of acquiring cybersecurity startup Pingsafe, the company has said.

Rajan Anandan, MD of PeakXV Partners took to X to congratulate the founders Anand Prakash and Nishant Mittal, who founded the Bengaluru-based startup in 2021.

Notably, Pingsafe had raised a $3.3 million seed round in July 2023 led by Peak XV Partners.

SentinelOne will acquire PingSafe in a cash-and-stock combined deal, as per a statement, and will likely be completed by SentinelOne’s first quarter of fiscal year 2025.

The acquisition is subject to any applicable regulatory approvals and customary closing conditions, the statement added.

What's Pingsafe?

Pingsafe works in the cloud security segment and has developed a cloud-native application protection platform (CNAPP). 
The CNAPP market is estimated to grow $30 billion by 2030, as per reports.

SentinelOne said the acquisition of Pingsafe’s CNAPP aims to combine its cloud workload security and cloud data security capabilities, and provide companies with a platform that drives better coverage and automation across the entire cloud footprint.

Anand Prakash, co-founder and CEO and Nishant Mittal, co-founder and CTO of Pingsafe are ethical hackers.

The Landscape

Cybersecurity has been a concern globally, with the ecosystem closely observing developments in the space. Recently, Nikesh Arora of Palo Alto Networks entered the billionaire's club - his stakes now have multi-fold value amid the growing importance of cybersecurity.

Ric Smith, Chief Product and Technology Officer, SentinelOne said the addition of PingSafe intends to redefine cloud security by fusing best-of-breed cloud workload protection, AI and analytics capabilities with a modern and comprehensive CNAPP. 
“This new approach to cloud security will eliminate the need for companies to navigate the complexity of multiple-point solutions, triage and investigate with incomplete context, or pipe data between disparate data silos,” he said.

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 said in the release.