Israeli cybersecurity company SentinelOne completed a $200 million fundraising round, led by New York-based venture capital fund Insight, the company announced on Wednesday. SentinelOne is being valued at more than $1 billion.
The company was founded in 2013 by Tomer Weingarten and Almog Cohen, and had raised $430 million until now. It began by focusing on protection for end stations – namely, the computers used at organizations – but over the past year has expanded into offering cyberprotection for cloud-computing services and for the internet of things (IoT) within organizations.
This is Insight’s second investment in SentinelOne. Other investors in this round include Tiger Global Management and Vista Equity Partners, as well as the company Qualcomm.
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Weingarten said the investors suit the company, which seeks to go public within a few years, and are known for their ability to build top SaaS (software as a service) companies.
“The partnership with Qualcomm will help us enter the IoT market, where Qualcomm has a significant presence,” he said.
This fundraising round is focused on growth, Weingarten told TheMarker.
The company has 500 employees, 3,500 customers and sales of more than $100 million for the past year, he said. Following this fundraising round, it intends to hire another 200, said Weingarten.
SentinelOne has several competitors, the main one being Crowd Streak, which is valued at $14 million.
Crowd Streak’s high valuation is good news for SentinelOne, Weingarten said - it’s likely to be given a high valuation as well when it goes public, he noted.
This fundraising round makes SentinelOne the latest Israeli unicorn - a privately-held company valued at more than $1 billion.