Cybersecurity firm SentinelOne announced $120 million in new investments in its latest funding round.
The big picture: SentinelOne is known for a highly automated, machine learning approach to securing endpoints (systems like office computers that interact with network servers), and it has built up a large client base, including 3 of the Fortune 10, in the last 12 months.
- "In a market where other companies are using technology augmented with services, we have built a very automated software-based platform," CEO Tomer Weingarten told Axios. "What we achieve with software most other companies achieve with services."
Details: The Series D funding round more than doubles the investment in SentinelOne to date, now totaling $230 million.
- The round was led by Insight Partners, with investment by all of the firm's previous investors and new investors Samsung Venture Investment Corporation and NextEquity.
Background: SentinelOne's growth spurt has seen the company's yearly recurring revenue grow 217% over the past year.
- The company has recently expanded its platform to protect networks from attacks starting from internet of things (IoT) devices that move laterally to more critical systems — applying the same machine learning protection to IoT traffic.
What they're saying: Weingarten sees the company expanding its machine learning protections to even more spaces in the future. "We can take the machine learning we apply to the endpoint scale to the entire network scale," he said.