Israeli cyber security company SentinelOne today announced that it has raised $70 million in Series C financing. New investor - and current SentinelOne customer - Redpoint Ventures led the round along with new investment from Ashton Kutcher and Guy Oseary’s firm, Sound Ventures. Existing investors Third Point Ventures, Data Collective, Granite Hill Capital Partners, Westly Group, and SineWave Ventures also participated in the round, bringing the total investment in SentinelOne to more than $110 million to date.
SentinelOne was founded in 2013 by CEO Tomer Weingarten and CTO Almog Cohen. Headquartered in Palo Alto, California, the company's development offices are in Tel Aviv. About half the company's workforce of 200 are in Israel and SentinelOne hopes to hire 70 more people in Israel in 2017.
The company is striving to transform endpoint security by delivering real-time protection powered by machine learning and dynamic behavior analysis, SentinelOne plans to use this new capital to aggressively expand its sales and marketing efforts to drive more than 400% global sales growth in 2017, while continuing to maintain a strong investment in R&D initiatives towards its next-generation endpoint protection platform.
Weingarten said, "Confidence remains dismally low when it comes to traditional antivirus’ ability to stop anything but the most mundane threats. Even vendors that are now touting machine learning-based file-scanning, and artificial intelligence capabilities are in fact pursuing a very narrow approach, and only an incremental improvement - if any - to a much broader problem. The time is now to migrate away from these ineffective technologies that remain focused on only a subset of threats and replace with a next-generation endpoint protection platform that’s been tested and proven to stop even the most advanced cyber threats."
SentinelOne unifies endpoint threat prevention, detection and response in a single platform driven by sophisticated machine learning and intelligent automation. With SentinelOne, organizations can detect malicious behavior across multiple vectors, rapidly eliminate threats with fully-automated, integrated response capabilities, and adapt their defenses against the most advanced cyber attacks.
Tom Dyal, partner at Redpoint Ventures, will join the company’s board. He said, "Redpoint is proud to lead this growth investment in SentinelOne, an emerging leader in next generation endpoint security. This is a $10 billion global market opportunity that is ripe for disruption as enterprise customers migrate away from legacy antivirus solutions. SentinelOne has the most sophisticated approach to the market, leveraging a combination of machine learning and advanced behavior-based detection."
Published by Globes [online], Israel business news - www.globes-online.com - on January 25, 2017
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