Cybersecurity Company SentinelOne Raises $120 Million

Israel-linked cybersecurity company Sentinel Labs Inc., also known as SentinelOne, has raised a $120 million series D round led by Insight Partners, bringing its total funding to date to $230 million. Samsung Venture Investment Corp. and NextEquity participated in the round, as did existing investors including Third Point Ventures, Redpoint Ventures, Data Collective, and Tiger Global.

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While SentinelOne did not disclose its valuation for the round, co-founder and CEO Tomer Weingarten told Calcalist in an interview that it was nearing $1 billion.

Founded in 2013 by Weingarten and Almog Cohen, SentinelOne develops artificial intelligence-based technology for identifying abnormal behavior in enterprise networks. SentinelOne currently has over 2,500 customers. The company stated it will use the current funding to accelerate its growth, and to continue product development.

SentinelOne has seen 300% growth in sales over the past year, according to Weingarten, is set to end the year with $100 million in sales, and is expecting to see similar growth in the upcoming year. By the end of the year, SentinelOne is expected to grow from 350 to 400 employees, he said, adding that going public is in the cards for the company.

Unlike veteran cybersecurity companies, SentinelOne’s technology provides a comprehensive endpoint solution, Weingarten said, adding that such companies make multiple acquisitions because they have to play technological catch-up in the current market. However, while SentinelOne has no need for massive acquisitions, he said, they do see themselves on the side of the buyers and not as a target for acquisition. “We are currently actively searching for companies that can expand our technological offering,” he said.