Cybersecurity company sees its valuation jump to $1.1 billion
Cybersecurity vendor SentinelOne is continuing its rapid growth, announcing this week that it brought in $200 million in its latest round of funding and raised its valuation to $1.1 billion.
The Lowdown: The Series E funding comes eight months after the Mountain View, California-based company raised $120 million. SentinelOne has now raised $430 million since launching in 2013.
The Details: The latest round of funding was led by venture capital and private equity firm Insight Partners and included Tiger Global Management, Qualcomm Ventures, Vista Public Strategies, Third Point Ventures, and previous investors.
The fundraising and rapid business growth reportedly has SentinelOne officials talking about taking the company public in the next few years, with co-founder and CEO Tomer Weingarten telling TechCrunch that an IPO could come in the next year or two.
SentinelOne is working to expand beyond its cloud-native endpoint protection roots, growing its artificial intelligence (AI)-based Singularity platform to endpoint detection and response (EDR) with ActiveEDR, the Internet of Things (IoT) with Ranger, and protection of containers and cloud-native workloads. The platform helps customers monitor and protect everything from devices and systems connected to the network as well as applications.
Background: SentinelOne says it now has more than 3,500 customers, including three in the Fortune 10 and hundreds in the Global 2,000. The company has seen a 134% year-to-year jump in customer retention, a 113% increase in new logo bookings, and a 150% growth in transactions of more than $2 million. Revenue has increased 104%.
Endpoint protection continues to be an important part of an enterprise’s security posture. Statista is predicting the global market will grow from $8.28 billion this year to more than $13.3 billion in 2023.
The Buzz: “The cybersecurity demands of today’s enterprises have evolved, and we’ve taken endpoint protection far beyond what it once was. Instead of solely protecting laptops, desktops, and servers with EPP and EDR capabilities, we protect the entire network edge with flexible, autonomous technology — from containerized workloads in the cloud and data center to IoT devices,” Weingarten said. “Leveraging AI to process enormous amounts of data in real time allows our customers to stay secure from all vectors of attack. Delivering value to customers well beyond the traditional endpoint is what positions SentinelOne as the fastest-growing and most promising cybersecurity platform.”