SentinelOne’s deal to accumulate PingSafe valued the Peak XV-backed younger startup at over $100 million, two sources acquainted with the matter instructed TechCrunch, in one of many strongest and quickest offers rising from India.
The New York Inventory Trade-listed AI safety agency disclosed the money and inventory deal 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 safety firm with fewer than 100 staff and over 50 clients, largely in India. The agency remained largely in stealth mode till final yr, 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 think integration of PingSafe’s CNAPP [cloud native application protection platform] will bolster S’s cloud security offering, providing a wide range of agentless CNAPP capabilities – S has expressed its intent to be price competitive in the cloud security market and we wonder if the acquisition will play a role in pricing,” Barclays wrote in a notice to shoppers.
PingSafe is “among the fastest ‘seed to significant exits’ Indian ecosystem has ever seen,” Rajan Anandan, who leads Surge at Peak XV, tweeted final week.
“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,” mentioned Anand Prakash, founder and chief govt of PingSafe and one of many world’s high 5 white hat hackers, in a ready assertion final 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.”
The acquisition of PingSafe represents an additional endorsement of the rising pattern of Indian software program firms focusing on international growth. By first creating 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 each day Financial Instances reported Monday. The deliberate doubling-down on superior expertise firms marks the most recent gambit aimed toward reworking the subcontinent into a world innovation powerhouse to rival the likes of Silicon Valley.