Cybersecurity company SentinelOne has seen its valuation climb past the billion mark for the first time, giving it unicorn status, with a Series E funding round in which it raised $200m.
SentinelOne, which specialises in autonomous endpoint protection, now has a valuation of $1.1bn after completing a funding round led by venture capital and private equity firm Insight Partners.
Vista Equity Partners’ Vista Public Strategies, Tiger Global Management, Third Point Ventures and Qualcomm Ventures also participated.
The additional funding will, according to SentinelOne, enable the company to continue to support its “explosive growth”
SentinelOne was in 2019 named the seventh fastest growing company in North America, and the fasted located in Silicon Valley, by the Deloitte Technology Fast 100.
The company currently boasts 104% year-on-year revenue growth and 150% year-on-year growth in transactions over $2m.
SentinelOne valuation reflects surge in demand for AI-enhanced cybersecurity products
The remarkable valuation of SentinelOne highlights the growing demand for cybersecurity products that integrate artificial intelligence (AI).
These offer the particular benefit of reducing demands on infosecurity professionals and enabling them to focus on more complex, non-repetitive tasks.
Such products are increasingly being seen as vital as companies continue to grapple with global shortages of trained cybersecurity professionals.
SentinelOne also attributes its success to the additional capabilities its system provides.
“The cybersecurity demands of today’s enterprises have evolved, and we’ve taken endpoint protection far beyond what it once was. Instead of solely protecting laptops, desktops, and servers with EPP and EDR capabilities, we protect the entire network edge with flexible, autonomous technology — from containerised workloads in the cloud and data center to IoT devices,” said Tomer Weingarten, CEO and co-founder of SentinelOne.
“Leveraging AI to process enormous amounts of data in real time allows our customers to stay secure from all vectors of attack. Delivering value to customers well beyond the traditional endpoint is what positions SentinelOne as the fastest growing and most promising cybersecurity platform.”