SentinelOne’s deal to accumulate PingSafe valued the Peak XV-backed younger startup at greater than $100 million, two sources accustomed to the matter advised TechCrunch, in one of many strongest and quickest offers to emerge from India.
The New York Inventory Change-listed AI safety firm introduced the money and inventory deal final week, however didn’t disclose monetary phrases. SentinelOne, PingSafe and PeakXV didn’t instantly reply to a request for remark. Phrases of the deal haven’t beforehand been disclosed.
Based in 2021, PingSafe is a comparatively new and small safety firm with lower than 100 staff and over 50 prospects, primarily in India. The corporate 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 roughly $3.3 million in funding in complete.
“We’re contemplating integrating PingSafe’s CNAPP [cloud native application protection platform] will strengthen S’s cloud safety providing and supply a broad vary of agentless CNAPP capabilities – S has acknowledged its intention to be value aggressive within the cloud safety market and we wonder if the acquisition will play a task in pricing,” Barclays wrote in a word to prospects. The British financial institution estimated the scale of the deal at round $100 million.
PingSafe is among the many quickest ‘seed to important exits’ the Indian ecosystem has ever seen,” Rajan Anandan, chief of 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,” stated Anand Prakash, founder and CEO of PingSafe and one of many world’s prime 5 white hat hackers, in a ready assertion final week. “The mixture of our superior 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 additional affirmation of the rising pattern of Indian software program corporations specializing in international growth. By first creating SaaS options within the dwelling market, a brand new technology of Indian entrepreneurs then set their sights on international progress.
New Delhi is shifting nearer to launching the second section of its main Startup India program, with a give attention to deep tech startups, Indian each day Financial Instances reported on Monday. The deliberate doubling of the variety of cutting-edge know-how corporations marks the newest try to rework the subcontinent into a world innovation powerhouse to rival the likes of Silicon Valley.