CYBER SECURITY

SentinelOne submits S-1 for IPO

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The documents submitted show that the security company hopes to raise up to $100 million in its initial public offering.

The company confirmed in its S-1 document that SentinelOne, an endpoint security company, has applied for an IPO and hopes to raise up to $100 million in a public offering on the New York Stock Exchange.

In the document, SentinelOne disclosed that in the three months ending April 30, 2021, revenue increased by 108% year-on-year, from US$18 million to US$37.4 million. Between April 30, 2020 and April 30, 2021, its customer base increased from more than 2,700 to more than 4,700. Its channel partners generated 96% of revenue in fiscal 2021, up from 92% a year ago.

The document also pointed out that the net loss more than doubled year-on-year, from US$26.6 million in the three months ended April 30, 2020 to US$62.6 million in the three months ended April 30, 2021.

The company expects that future operating expenses will increase as it continues to invest in its future growth, including “expanding our R&D functions to drive the further development of our platform, expanding our sales and marketing activities, and developing functions to expand adjacent Market and reach customers in new geographic locations,” according to its S-1 document.

According to Crunchbase, since its establishment in 2013, SentinelOne has raised $696.5 million in funding. In November last year, it raised US$267 million in Series F financing, bringing the company’s valuation to more than US$3 billion-three times the US$1 billion valuation since the Series E in February 2020.

SentinelOne has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “S”.

Read the complete S-1 application for more information.

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