AI cybersecurity provider SentinelOne files for $100M IPO – geniushark

SentinelOne, a late-stage safety startup that is helping organizations safe their knowledge the usage of AI and device finding out, has filed for an IPO at the New York Inventory Trade (NYSE).

In an S-1 submitting on Thursday, the safety corporate printed that for the 3 months finishing April 30, its revenues greater by means of 108% year-on-year to $37.4 million and its buyer base grew to 4,700, up from 2,700 a yr prior. Regardless of this pandemic-fueled expansion, SentinelOne’s internet losses greater than doubled from $26.6 million in 2020 to $62.6 million.

“We additionally be expecting our running bills to extend sooner or later as we proceed to take a position for our long run expansion, together with increasing our analysis and building serve as to pressure additional building of our platform, increasing our gross sales and advertising and marketing actions, growing the capability to extend into adjoining markets, and achieving consumers in new geographic places,” SentinelOne wrote in its submitting.

The Mountain View-based corporate stated it intends to checklist its Elegance A not unusual inventory the usage of the ticker image “S” and that information about the fee vary and choice of not unusual stocks to be publish for the IPO are but to be decided. The S-1 submitting additionally identifies Morgan Stanley, Goldman Sachs, Financial institution of The united states Securities, Barclays and Wells Fargo Securities because the lead underwriters.

SentinelOne raised $276 million in a investment spherical in November ultimate yr, tripling its $1 billion valuation from February 2020 to $3 billion. On the time, CEO and founder Tomer Weingarten advised geniushark that an IPO “will be the subsequent logical step” for the corporate.

SentinelOne, which was once based in 2013 and has raised a complete of $696.5 million thru 8 rounds of investment, is taking a look to boost as much as $100 million in its IPO, and stated it’s intending to make use of the web proceeds to extend its visibility within the cybersecurity market and for product building and different “common company processes.”

It added that it “may additionally use a portion of the web proceeds for the purchase of, or funding in, applied sciences, answers, or companies that supplement our trade.” The corporate’s sole acquisition thus far happened again in February when it purchased high-speed logging startup Scalyr for $155 million.

SentinelOne goes public all the way through a length of heightened public hobby in cybersecurity. There was a wave of high-profile cyberattacks all the way through the COVID-19 pandemic, with hackers benefiting from fashionable far flung operating necessitated in consequence.

One of the crucial largest assaults noticed Russian hackers breach the networks of IT corporate SolarWinds, enabling them to realize get right of entry to to executive businesses and firms. SentinelOne’s endpoint coverage answer was once in a position to stumble on and prevent the comparable malicious payload, protective its consumers.

“The sector is filled with criminals, state actors, and different opposed brokers who search to exfiltrate and exploit knowledge to disrupt our lifestyle,” Weingarten stated in SentinelOne’s SEC submitting. “Our undertaking is to stay the sector working by means of protective and securing the core pillars of contemporary infrastructure: knowledge and the programs that retailer, procedure, and percentage knowledge. That is an never-ending undertaking as attackers evolve unexpectedly of their quest to disrupt operations, breach knowledge, flip benefit, and inflict injury.”

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