SentinelOne Raises $25M to Displace Anti-Virus Vendors
Next Generation Endpoint Protection Vendor’s Series B Round Brings Total Funding to $40M
MOUNTAIN VIEW, Calif., Oct. 13, 2015 –SentinelOne, the company that’s transforming endpoint security, today announced that it has raised an additional $25M in financing which will be used to further disrupt the multibillion dollar antivirus (AV) market. The Series B round brings the company’s total funding to nearly $40M, which makes it one of the highest capitalized next generation endpoint security vendors. Third Point Ventures (The Venture arm of Third Point LLC) led the round with participation from existing investors Tiger Global, Data Collective, Granite Hill Capital Partners, Westly Group and new investor SineWave Ventures.
According to Technology Business Research, Inc.’s Enterprise Security Market Forecast 2014-2019, the current top revenue earners in endpoint security will lose a large portion of their combined segment share by 2019. Customers’ new investments in endpoint based advanced threat protection create opportunities for emerging and advancing vendors such as SentinelOne to sell new technologies to a receptive market.
SentinelOne has experienced exploding demand for its Endpoint Protection Platform. It is certified by the independent AVTEST Institute to perform AV functions while also providing an additional new layer of advanced protection against cyberattacks. Forbes recently reported that Netflix is replacing its legacy AV in favor of SentinelOne’s next generation technology. Netflix is just one of many large enterprises that are deploying SentinelOne to displace aging AV platforms.
Robert Schwartz, Managing Partner of Third Point Ventures has joined the company’s Board of Directors. In addition, Dan Scheinman, former senior vice president of corporate development at Cisco Systems and board member of Arista Networks, joins as an independent board member.
According to Mr. Schwartz, “SentinelOne’s innovative technology is poised to disrupt what has been a sleepy endpoint security market in dire need of innovation. There is a large addressable market for SentinelOne’s technology. It will serve as a both a replacement and upgrade for legacy antivirus products, which are mainly being used by corporations to satisfy compliance requirements such as the payment card industry data security standard. By switching to SentinelOne, enterprises can eliminate antivirus expenditures, meet compliance mandates and get next generation protection with a single highly effective product. We are happy to be working with the exceptional team at SentinelOne.”
While SentinelOne can protect against known threats just like AV products, its patentpending Dynamic Execution Inspection technology can detect and block advanced attacks across any vector on an endpoint machine. This allows companies to protect against Malware that executes on hard drives or in memory, Exploits residing in documents, email messages or web pages, and Live attacks that are carried out by individuals using scripts or stolen user credentials. With SentinelOne, enterprises can secure virtual desktops, laptops (Windows and OS X), tablets, smartphones, physical and virtual servers, as well as embedded systems including PoS, critical infrastructure and more.
“Attacks have moved beyond malware and can now compromise endpoint devices using a variety of techniques and methods,” said Tomer Weingarten, CEO of SentinelOne. “We’ve built a platform from the ground up that can detect and protect against malicious activity on a machine regardless of the vector, or source of entry, being used. This new round of financing will allow us scale quickly and capture a lion’s share of the very large market for endpoint protection.”
SentinelOne will use the funds to expand it sales, marketing, research & development and customer support operations in Mountain View, Tel Aviv, New York, Paris and Singapore. The company will also establish new centers in Boston and London, and plans to double its number of employees in the next six months to more than 100.