SentinelOne, an endpoint protection cybersecurity software company, has secured $200 million in Series E funding led by private equity firm Insight Partners, raising its total valuation to $1.1 billion.
Series E funding rounds are late-stage events that typically set the stage for a potential IPO or strategic company sale. Still, Insight Partners often maintains its investment stakes for multiple years, so the runway to a SentinelOne IPO or strategic sale could be a long one, MSSP Alert believes.
Either way, SentinelOne appears to have endpoint protection and cybersecurity business momentum with MSPs, managed security services providers (MSSPs) and MDR (managed detection and response) companies.
SentinelOne's MSP, MSSP and MDR Relationships
Example relationships include:
- CriticalStart, a Top 200 MSSP for 2019 and MDR specialist, in January 2020 announced a SentinelOne integration. CriticalStart customers can use SentinelOne's endpoint protection platform to centralize, ingest and correlate security logs and investigate security alerts, the companies said.
- ConnectWise and SolarWinds MSP, two major IT management platform providers that support MSPs, also partner with SentinelOne in various ways. SolarWinds Endpoint Detection and Response, for instance, leverages SentinelOne software code. That offering has been incredibly well received by MSPs, SolarWinds CEO Kevin Thompson told Wall Street analysts during an earnings call earlier this month, according to ChannelE2E.
- Continuum (now owned by ConnectWise) uses SentinelOne endpoint protection capabilities in its security operations center (SOC) for MSPs.
The Series E financing news comes after SentinelOne earlier this week unveiled its Singularity Platform -- a data lake that blends data culled from endpoint detection and response (EDR), endpoint protection, Internet of Things (IoT) security and cloud workload protection offerings. SentinelOne will showcase Singularity at next week's RSA Conference 2020 in San Francisco, California.
How Did SentinelOne Perform in 2019?
Some of SentinelOne's accomplishments in 2019 included:
- 104 percent year-over-year revenue growth.
- 134 percent net customer retention rate.
- 150 percent year-over-year growth in transactions over $2 million.
SentinelOne was the seventh-fastest growing company in North America last year, the business said. Furthermore, SentinelOne was the only endpoint protection company on the Forbes AI 50 list.
Additional insights from Joe Panettieri.