Surge leads $3.3m seed round of SG cloud security firm

Co-founders Nishant Mittal (left) and Anand Prakash/ Photo credit: PingSafe

PingSafe, a Singapore-based cybersecurity firm, has raised US$3.3 million in a seed funding round led by Surge, the scale-up program of Peak XV Partners (formerly Sequoia Capital India & SEA). The round also saw participation from Tanglin Ventures and several angel investors.

The company will use the fresh funds to expand its business across Southeast Asia and North America.

Founded in 2022 by CEO Anand Prakash and CTO Nishant Mittal, PingSafe provides a cloud security platform that protects companies’ data and apps from cyber attacks. One of its features is the Offensive Security Engine, which helps clients identify potential vulnerabilities for enhanced protection.

Funding details

• Funding amount: $3,300,000
• Lead investor: Peak XV Partners’ Surge
• Other investors: Rahul Chari, Neeraj Arora, Saurya Prakash Sinha, Vivek Ramachandran, Gaurav Agarwal, Tanglin Ventures
• Stage: Seed

“Having discovered thousands of critical vulnerabilities in leading companies, we understand the mindset of hackers,” said Prakash. The CEO is a white-hat hacker who has identified vulnerabilities in major platforms like Uber, Meta, and Twitter.

PingSafe said that in the last 12 months, it recorded a 10x increase in revenue and a 4x growth in its customer base. Its clients include the likes of Flipkart, Razorpay, and Near Intelligence.

See also: As funding drops, will Indonesian startups turn to IPOs instead?

More details