AI cybersecurity provider SentinelOne files for $100M IPO

SentinelOne, a late-stage security startup that uses AI and machine learning to help organizations protect their data, has filed for an IPO on the New York Stock Exchange (NYSE).

In an S-1 filing on Thursday, the security company disclosed that for the three months ending April 30, its revenue grew 108% year-on-year to $37.4 million and its customer base grew to 4,700 from 2,700 a year ago. Despite this pandemic-fuelled growth, SentinelOne’s net loss more than doubled from $26.6 million in 2020 to $62.6 million.

“We also expect to increase our operating expenses in the future as we continue to invest in our future growth, including expanding our research and development work to drive further growth of our platform, our sales and Marketing activities include expanding functionality to expand, reach customers in adjacent markets, and new geographic locations,” SentinelOne wrote in its filing.

The Mountain View-based company said it intends to list its Class A common stock using the ticker symbol “S” and that details regarding the price range and number of common shares for the IPO have yet to be determined. is. The S-1 filing also identified Morgan Stanley, Goldman Sachs, Bank of America Securities, Barclays and Wells Fargo Securities as principal underwriters.

SentinelOne raised $276 million in a funding round in November last year, tripling its $1 billion valuation from February 2020 to $3 billion. At the time, CEO and founder Tomar Weingarten told Nerdshala that the IPO would be “the next logical step” for the company.

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 will raise its net proceeds to increase its visibility in the cybersecurity market. intends to use. and for product development and other “general corporate processes”.

It added that it “may use a portion of the net proceeds to fund the acquisition, or investment, of technologies, solutions or businesses that complement our business.” The company’s only acquisition so far was in February When it bought high-speed logging startup Scalar for $155 million.

SentinelOne 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, resulting in hackers taking advantage of widespread remote working.

In one of the biggest attacks, Russian hackers breached the network of IT company SolarWinds, allowing them to gain access to government agencies and corporations. SentinelOne’s endpoint protection solution was able to detect and prevent associated malicious payloads while protecting its customers.

“The world is full of criminals, state actors and other hostile agents who seek to exploit 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 protecting the main pillars of modern infrastructure: data and the systems that store, process and share information. This is an endless mission as attackers can disrupt operations, breach data, Evolve rapidly in their quest to make a profit and make a loss.”

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