SentinelOne Secures $120 Million Series D Funding
SentinelOne has raised $120 million in Series D funding, bringing its total funding to over $230 million.
According to the press release, the funding will be used to accelerate the company's "rapid displacement of legacy and next-gen competitors" in endpoint, cloud and internet of things (IoT) protection. It is led by Insight Partners, with participation from Samsung Venture Investment Corp., NextEquity and previous investors, including Third Point Ventures, Redpoint Ventures, Granite Hill and Data Collective (DCVC), among others.
The company's patented behavorial artificial intelligence (AI) provides real-time prevention and ActiveEDR in the edge and the cloud. It does this through a cloud-native platform with no reliance on connectivity or updates.
“We’ve built a team and technology to disrupt and broaden the endpoint space: as the network perimeter is drastically changing, so does the notion of the endpoint,” said Tomer Weingarten, CEO and co-founder of SentinelOne. “Endpoints are everywhere today, from classic laptops and desktops to workloads in the cloud and the data center and all IoT devices – the network edge is the real perimeter.
"We were the first to unify EPP [endpoint protection platform] and EDR [endpoint detection and response] – prevention, detection, response and hunting – in a single autonomous agent; we were the first to stand behind our product with a cyber warranty; now we are the first to take AI-based device protection to the edge, covering IoT endpoints and workloads in the cloud."
SentinelOne said in its press release that it is the fastest growing endpoint security company on the market, achieving 217% year-over-year (YoY) growth in annual recurring revenue and 140% YoY growth in Fortune 500 bookings. Teddie Wardi, managing director at Insight Partners, said that endpoint security is at a "fascinating point of maturity…Attack methods grow more advanced by the day and customers demand innovative, autonomous technology to stay one step ahead."
"We recognize SentinelOne’s strong leadership team and vision to be unique in the market," he continued, "as evidenced through the company’s explosive growth and highly differentiated business model from its peer cybersecurity companies.”
“As an investor, SentinelOne’s combination of best-in-class EPP and EDR functionality is a magnet for engagement, but it’s the company’s ability to foresee the future of the endpoint market that attracted us as a technology partner,” said a representative from Samsung. “Extending tech stacks beyond EPP and EDR to include IoT is the clear next step, and we look forward to collaborating with SentinelOne on its groundbreaking work in this area.”
Source: Information Security Magazine