The new funding, led by Tiger Global Management, brings SentinelOne’s valuation to over $3 billion. Other investors included Sequoia Capital Global Equities and existing investors Insight Partners and Third Point Ventures, the release stated.
The company plans to use the money to meet continued demand for its Singularity XDR Platform, a tool that provides businesses with an integrated cybersecurity system that includes cloud workload protection, IoT security, endpoint protection, endpoint detection and response, according to the release.
“We have set the standard for AI-powered cybersecurity for the new normal,” said Tomer Weingarten, CEO and co-founder of SentinelOne, in the release, which noted that SentinelOne is the first cloud-native endpoint protection firm to grow to a full XDR cybersecurity.
“Cloud, container and IoT technologies are empowering today’s distributed workforce,” Weingarten said in the release. “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.”
Its Series E funding round, which was completed in February, brought the company $200 million. The success of the past several funding rounds have led some company officials to wonder whether it’s time for the firm to go public.
That and an increase in cyberattacks — and their sophistication levels — has pushed SentinelOne further into the public eye. Cyberattacks targeting corporate America increased in October.
“Today’s cybercriminal takes full advantage of the expanded attack surface afforded through the shift to predominantly remote work environments,” said Teddie Wardi, managing director of Insight Partners, according to the release. “SentinelOne had the foresight to design and deliver a cloud-native autonomous platform solution far ahead of its time.”
The press release also noted that, according to a recent Forrester Consulting study, businesses that use SentinelOne see a 353 percent return on investment in three years.