SentinelOne, an MSSP-friendly autonomous endpoint protection platform provider, has raised $120 million in Series D funding led by private equity firm Insight Partners. The financing brings SentinelOne's total funding to more than $230 million.
The funding surfaces roughly three months after SentinelOne named Cylance veteran Tim Mackie as its VP of worldwide channels. The cybersecurity software company already has a range of partnerships across the managed security services provider (MSSP) market -- including relationships with Continuum and SolarWinds MSP, along with such MSSPs as Infosec Partners and Seccom Global.
Two Top 100 MSSPs -- Presidio and Optiv -- praised SentinelOne in prepared statements.
From Chris Barney, SVP & GM, Presidio:
“SentinelOne’s innovative approach has created simplicity and scalability in our most demanding deployments. Regardless of environment or success metric, the SentinelOne platform is a consistent top performer. Presidio’s commitment to reducing customer risk means SentinelOne will continue to play a significant role in our security offerings.”
And from Todd Weber, VP, Partner Strategy and Research, Optiv:
“Optiv is committed to helping organizations build sustainable risk-centric foundations for implementing proactive and measurable cybersecurity programs. Leading technologies like SentinelOne’s autonomous endpoint platform are an important part of our unique approach, which is aligned to new business models and centered on client-focused outcomes. We are proud to partner with the SentinelOne team to deliver transformative cybersecurity solutions that enable clients to innovate, integrate, achieve measurable outcomes, and realize complete solutions and business alignment.”
The Insight Partners-SentinelOne relationship also highlights how private equity is reshaping the competitive landscape in the MSP and MSSP software markets.
SentinelOne plans to use the Series D funding to enhance its endpoint protection platform, the company said. The platform leverages patented security technology that links all behaviors and indexes all activities in real-time, the company asserts. It also can be deployed in the cloud or on-premise and is backed by a ransomware warranty.
SentinelOne: Cybersecurity Business Growth
SentinelOne reported 217 percent year-over-year growth in annual recurring revenue in 2018. Furthermore, SentinelOne recorded 140 percent year-over-year growth in Fortune 500 bookings during the time frame.
Also, SentinelOne's channel partner program revenue grew more than 350 percent from July 2017 through July 2018.
Meanwhile, SentinelOne has over 2,500 customers. SentinelOne also enables MSSPs and other technology vendors to add the company's endpoint protection platform to their portfolios via its partner program.
Additional insights from Joe Panettieri.
