Last year, Furtun reports, Jeremiah Grossman, SentinelOne‘s chief security strategist, stated that his company guarantee up to $1 million reimburse if its software failed to block attacks in which hackers hold computer files for ransom. misbeliever said it was a publicity stunt.
Today the Israeli startup, which sells a product to supplant traditional antivirus software, 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. Since founded in 2013 the company has raised more than $110 million.
SentinelOne founded in Israel by CEO Tomer Weingarten and CTO Almog Cohen. Headquartered in Palo Alto, California, with offices in offices in Palo Alto, Tel Aviv, and Paris. 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 has about 400 customers worldwide.
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.”
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 said, “This is a $10 billion global market opportunity that is ripe for disruption as enterprise customers migrate away from legacy antivirus solutions.”