Cloud security startup SentinelOne’s valuation touches $3 billion in latest funding round

In an interview, Tomer Weingarten, the CEO of SentinelOne said, the startup has raised $267 million from venture capital backers including Sequoia and Tiger Global, and saw its valuation jump to more than $3 billion – nearly three times its valuation in February 2020.

The startup uses artificial intelligence technology to protect mobile phones and laptops from security breaches by identifying unusual behavior in enterprise networks. Its business has seen a surge following the increased adoption of work-from-home by employees because of the coronavirus-induced COVID-19 pandemic.

“COVID-19 was an accelerant in our space. We all went home with our devices and became a complete distributed workforce overnight,” said Weingarten.

The 7-year-old startup is scheduled to double its revenues this year as it gears up for an initial public offering as early as 2021.

“We will absolutely be prepared to be a public company, probably within the next 12 months,” said Weingarten.

Third Point Ventures and Insight Partners were also participants in the funding round.

SentinelOne plans to use the proceeds for expansions and acquisitions in new markets including Asia, said Weingarten. Currently, around 80% of its revenues come from the United States.

Cloud security is going to be a huge growth area, said Weingarten with enterprise customers migrating data to the cloud back and forth to make it easier for employees working from home. Its list of clients include JetBlue and Sephora. “Many of the changes in the workplace brought about by the pandemic are here to stay even when the outbreak subsides, favoring SentinelOne’s business”, said Weingarten. “I don’t think what happened this year is reversible. What happened with COVID-19 is unlocking another stage in the evolution of work”.

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