Endpoint security company SentinelOne is on a mission to displace anti-virus vendors — and it may be one step closer with its latest surge in capital.
The startup announced yesterday (Oct. 13) it secured $25 million in Series B funding, bringing its total funding to almost $40 million and marking SentinelOne as one of the highest capitalized endpoint security vendors.
Third Point Ventures led the round with participation from existing investors Tiger Global, Data Collective, Granite Hill Capital Partners, Westly Group and new investor SineWave Ventures.
The funding will be used to continue SentinelOne’s plan to further uproot the multibillion dollar anti-virus market through its Endpoint Protection Platform, which performs anti-virus functions in addition to supporting an additional layer of cybersecurity protection.
The company’s patent-pending Dynamic Execution Inspection technology allows customers to protect against malware executed on hard drives or in memory, exploits in webpages, documents or emails, and live attacks carried out by hackers.
"Attacks have moved beyond malware and can now compromise endpoint devices using a variety of techniques and methods,” Tomer Weingarten, CEO of SentinelOne, said in a press release. “We’ve built a platform from the ground up that can detect and protect against malicious activity on a machine regardless of the vector, or source of entry, being used. This new round of financing will allow us [to] scale quickly and capture a lion’s share of the very large market for endpoint protection."
By 2019, the current top revenue earners in endpoint security are expected to lose a sizable portion of their combined segment share, according to the Enterprise Security Market Forecast 2014-2019, conducted by Technology Business Research.
SentinelOne noted that because of this, new opportunities are being created for emerging vendors to deliver new technologies to a receptive market.
"SentinelOne’s innovative technology is poised to disrupt what has been a sleepy endpoint security market in dire need of innovation,” explained Robert Schwartz, Managing Partner of Third Point Ventures and newly added member of the company’s Board of Directors. “… It will serve as both a replacement and upgrade for legacy anti-virus products, which are mainly being used by corporations to satisfy compliance requirements such as the payment card industry data security standard. By switching to SentinelOne, enterprises can eliminate anti-virus expenditures, meet compliance mandates and get next-generation protection with a single highly effective product."