AI based cyber security start-up SentinelOne files $100 M IPO

The Mountain View-based SentinelOne, a security startup that helps organizations secure their data using AI and machine learning, has filed for an IPO on the New York Stock Exchange.

The company revealed that for the three months ending April 30, its revenues increased by 108% year-on-year to 37.4 million dollars and its customer base grew to 4,700, up from 2,700 a year prior. Despite this pandemic-fuelled growth SentinelOne raised 276 million dollars in a funding round in November last year, tripling its $1 billion valuation from February 2020 to $3 billion.

SentinelOne, which was founded in 2013 and has raised a total of $696.5 million through eight rounds of funding, is looking to raise up to $100 million in its IPO, and said it’s intending to use the net proceeds to increase its visibility in the cybersecurity marketplace and for product development and other “general corporate processes.”

The company is going public during a period of heightened public interest in cybersecurity. There has been a wave of high-profile cyberattacks during the COVID-19 pandemic, with hackers taking advantage of widespread remote working necessitated as a result.

The world is full of criminals, state actors, and other hostile agents who seek to exfiltrate and exploit data to disrupt our way of life,” Weingarten said in SentinelOne’s SEC filing. “Our mission is to keep the world running by protecting and securing the core pillars of modern infrastructure: data and the systems that store, process, and share information