Why SentinelOne Got $120M in Endpoint Security Funding

The hacks are coming in daily – almost too fast to keep up. In the last few days we learned 11.9 million Quest Diagnostics records were hacked. Then we learned almost immediately afterward that competitor LabCorp’s said its third-party billing collections vendor, American Medical Collection Agency had , notified the bloodwork company that hackers gained access to AMCA’s online payment system. The unauthorized access took place between August 1, 2018, and March 30, 2019, LabCorp said. The company said it has referred millions of customers to AMCA for billing collections, and 7.7 million customers had their data stored in the hacked system.

It’s news like this that fuels cybersecurity investments… In this case a massive $120M series D into SentinelOne.

The autonomous endpoint protection company the funding will be used to accelerate the company’s rapid displacement of legacy and next-gen competitors in connecting endpoint, cloud, and IoT protection through its autonomous AI platform deployed throughout the enterprise.

As enterprises continue replacing legacy antivirus at scale, their expectations have evolved. SentinelOne’s patented Behavioral AI delivers real time prevention and ActiveEDR from edge to cloud – through a cloud-native platform with no reliance on connectivity or updates. With SentinelOne Ranger, IoT devices are capable of discovery and enforcement, bringing unprecedented innovation to endpoint security and expanding the definition of an enterprise security platform. Delivering unrivaled efficacy and nuanced EDR capabilities through fully autonomous technology, SentinelOne is achieving extremely high proof of concept win rates across all next-gen and legacy AV vendors on a global scale. SentinelOne will use the new funding to accelerate go-to-market efforts to meet overwhelming global demand and deliver product enhancements to continuously evolve enterprise security.

“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, SentinelOne. “Endpoints are everywhere today, from classic laptops and desktops, to workloads in the cloud and the datacenter, and all IoT devices – the network edge is the real perimeter. We were the first to unify EPP and EDR – 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. We have delivered unrivaled product innovation through a sustainable growth model that’s unique to others in the space, positioning us as a leader into the future.”

Here are some of the impressive stats which led to this investment:

  • Over 2,500 customers
  • 217% YoY growth in ARR
  • 140% YoY growth in Fortune 500 bookings
  • 3 of the Fortune 10 sold and deployed over past 12 months

“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 Venture Investment Corporation. “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.”

The bottom line is devices are proliferating – networks are increasing in complexity. Digital transformation is happening – so are future of work disruptions. All of this while hackers outspend the good guys 10 to 1. Of course advanced AI endpoint security like SentinelOne is needed.

Learn about the latest in everything you need… Cybersecurity, UCaaS, the Channel, IT, IOT, Edge, AI, SD-WAN, and the Future of Work at the world’s only MSP Expo, part of the ITEXPO#TechSuperShow, Feb 12-14, 2020 Fort Lauderdale, FL.