SentinelOne, the autonomous cybersecurity platform company, today announced it had raised $267 million in Series F funding led by Tiger Global Management, with participation from Sequoia Capital Global Equities and existing investors, including Insight Partners and Third Point Ventures.
The significantly oversubscribed round will allow SentinelOne to continue accelerating hyper-growth driven by demand for its Singularity XDR Platform, today’s leading solution for complete enterprise protection. Since SentinelOne’s Series E funding in February 2020, the company’s valuation has tripled, exceeding $3 billion.
“We have set the standard for AI-powered cybersecurity for the new normal,” said Tomer Weingarten, CEO, and Co-founder, SentinelOne. “Cloud, container and IoT technologies are empowering today’s distributed workforce. A cohesive view of the entire enterprise network and a real-time autonomous security layer across all connected assets is required to protect people, businesses, and their data, wherever they are. Our platform solution delivered via the cloud is purpose built to secure and operationalize today’s enterprise data everywhere it resides.”
SentinelOne is the first to expand from cloud-native endpoint protection to a full XDR cybersecurity platform -- that protects and monitors every enterprise asset. Leveraging patented behavioral AI models, SentinelOne seamlessly unifies endpoint protection (EPP), endpoint detection and response (EDR), IoT control, and container and cloud-native workload protection (CWPP).
Earlier this month, Forrester Consulting concluded a custom research study using the Total Economic Impact™ methodology. The study found that SentinelOne can provide customers with a 353% return on investment (ROI) over three years. According to the study, “SentinelOne offers a software-as-a-service (SaaS) solution that allows the customer and its endpoint users flexibility regarding the physical location and access while still maintaining vigilance,” and continued that SentinelOne “enables the detection of more previously undetectable threats through its AI-powered behavior analysis that can predict and prevent malware and ransomware attacks.”
“The past eight months have been an inflection point in our business across the globe,” said Nicholas Warner, COO, SentinelOne. “The demand for flexible technology that can stand alone -- without requiring services and staff -- will only continue to increase as the threat landscape evolves. Our ease of deployment and autonomous remediation has made us the go-to solution to replace other next-gen products at scale.”
SentinelOne was the only cybersecurity company named to the 2020 CNBC Disruptor 50 list. The company has enjoyed 130% YoY revenue growth in Fortune 500 accounts and serves 4 of the Fortune 10. Additional growth points highlighting SentinelOne’s business traction and platform adoption include:
125% enterprise net retention rate
77% of customers subscribe to multiple SentinelOne platform modules
74% overall LTM deal win-rate; 72% CrowdStrike LTM deal win-rate
“After leading SentinelOne’s Series A financing over six years ago, Tiger Global is excited to further deepen our partnership with Tomer and SentinelOne’s world-class team by leading this round as the company prepares for its next chapter,” said John Curtius, Partner, Tiger Global. “It is a unique point in time in the company’s journey, and the future looks bright.”
Additional Supporting Quotes
“Innovative solutions in cloud-delivered cybersecurity have proven invaluable to the modern enterprise,” said Patrick Fu, Managing Partner at Sequoia Capital Global Equities. “SentinelOne has demonstrated all the characteristics of an industry-defining technology pioneer, and we are thrilled to partner with this talented team for the long term.”
“Today’s cybercriminal takes full advantage of the expanded attack surface afforded through the shift to predominantly remote work environments,” said Teddie Wardi, Managing Director, Insight Partners. “SentinelOne had the foresight to design and deliver a cloud-native autonomous platform solution far ahead of its time. It’s this vision and ability to execute that provides us confidence that SentinelOne will continue its growth trajectory and realize its potential as one of cybersecurity’s next great companies."
“As a long-time investor, we’ve witnessed SentinelOne’s core technology and growth strategy elevate the company from startup to one of cybersecurity’s most sophisticated and promising privately held companies,” said Rob Schwartz, Managing Partner, Third Point Ventures. “We’re still at the beginning, and we can’t wait to see what the future holds.”
