SentinelOne’s deal to amass PingSafe valued the Peak XV-backed younger startup at over $100 million, two sources acquainted with the matter advised TechCrunch, in one of many strongest and quickest offers rising from India.
The New York Inventory Change-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 prospects, 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 expect integration of PingSafe’s CNAPP [cloud native application protection platform] will bolster S’s cloud safety providing, offering a variety of agentless CNAPP capabilities – S has expressed its intent to be value aggressive within the cloud safety market and we marvel if the acquisition will play a task in pricing,” Barclays wrote in a observe to shoppers.
PingSafe is “among the many quickest ‘seed to important 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 safety, and we share a typical 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 mixture of our cutting-edge CNAPP capabilities with SentinelOne’s market-leading AI safety platform will supercharge cloud safety by offering world-class safety for multi-cloud infrastructure, from improvement to deployment.”
The acquisition of PingSafe represents an additional endorsement of the rising development of Indian software program corporations focusing on international growth. By first growing SaaS options within the residence market, a brand new technology of Indian entrepreneurs have subsequently set their sights on worldwide progress.
New Delhi is inching nearer to launch the second section of its marquee Startup India program with a give attention to deep tech startups, Indian every day Financial Occasions reported Monday. The deliberate doubling-down on superior know-how corporations marks the newest gambit aimed toward reworking the subcontinent into a worldwide innovation powerhouse to rival the likes of Silicon Valley.
