Tiger Global-backed SentinelOne files for $100 mn US IPO

 Tiger Global-backed SentinelOne files for $100 mn US IPO

Israeli-origin cybersecurity company SentinelOne has filed for an initial public offering on the New York Stock Exchange.

The California-based company aims to raise up to $100 million through the IPO, it said in a disclosure to the Securities and Exchange Commission.

The cybersecurity firm was founded in 2013 by chief executive officer Tomer Weingarten and Almog Cohen. It has developed an artificial intelligence-based security platform and has raised just under $800 million since inception.

The company had raised $276 million in November last year in a round led by New York-based venture investor and hedge fund Tiger Global. This brought its total fundraise in 2020 to $500 million and valued it at $3 billion, up three times from the $1 billion valuation it commanded at the beginning of the year.

Its other investors include Insight Partners, Third Point Ventures and Anchorage Capital.

SentinelOne has, however, not specified the valuation it will be seeking in the IPO.

SentinelOne’s revenue for the first quarter through March 2021 jumped 108% from a year earlier to $37.4 million. However, it went deeper into the red as its net loss more than doubled to $62.6 million during the same period.

In 2020 as a whole, the company managed to double its revenue to $93.1 million from $46.5 million in 2019 while its net loss rose to $118 million from $76.6 million.

The IPO will be backed by several underwriters including Morgan Stanley, Goldman Sachs, Bank of America, Barclays, Wells Fargo, UBS, Jefferies and Deutsche Bank.

The Capital Quest