Cybersecurity unicorn triples its valuation after second sizable funding round this year

Autonomous cybersecurity platform SentinelOne has netted $267m for its Series F round, which has tripled its valuation to $3bn.

The oversubscribed investment round was led by Tiger Global Management, with contributions also coming from Sequoia Capital Global Equities and previous backers Insight Partners and Third Point Ventures.

This funding will help SentinelOne accelerate the growth of its platform.

SentinelOne only became a unicorn in February 2020, after a $200m Series E put its valuation at $1.1bn.

This rapid growth has been caused by a strong year of growth for the cybersecurity platform. It has seen a 130% year-on-year revenue growth in Fortune 500 accounts and has increased its enterprise net retention rate by 125%.

SentinelOne COO Nicholas Warner said, “The past eight months have been an inflection point in our business across the globe.

“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 is a cybersecurity software company which leverages AI to support prevention, detection, response and hunting across enterprises of threats. It claims to be the first to expand from cloud-native endpoint protection to a full XDR cybersecurity platform.

By leveraging behavioural AI models, the company helps firms with their endpoint protection, endpoint detection and response, IoT control, and container and cloud-native workload protection.

SentinelOne CEO and co-founder Tomer Weingarten said, “We have set the standard for AI-powered cybersecurity for the new normal.

“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.”

Copyright © 2020 FinTech Global

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