SentinelOne Considers $10 Billion IPO

Cybersecurity startup SentinelOne is looking at an initial public offering (IPO) with a potential value of over $10 billion, Bloomberg writes.

People familiar with the matter say that SentinelOne, which works on artificial intelligence for companies to protect against security threats, is currently interviewing bankers for the listing.

The IPO might happen later this year, according to Bloomberg, quoting the unnamed sources, though the company’s plans are not set in stone.

SentinelOne, which was founded in 2013, is backed by investors including Insight Partners, Third Point Ventures, Tiger Global Management, Sequoia Capital and Sinewave Venture, according to Bloomberg.

The company has raised $700 million and has been valued at $3 billion as of last November, the report says.

SentinelOne, if the deal happens, would be one among many tech companies testing the market as IPOs have been ripe lately. Among the other companies that have gone public are dating app Bumble, and there are more IPOs planned for the coming months, including website maker Squarespace, automation provider UiPath, and electric vehicle maker Rivian.

In addition, a competitor of SentinelOne’s, CrowdStrike Holdings, went public in 2019, and Bloomberg reports that the company is now valued at $48 billion.

PYMNTS reported that SentinelOne was the recipient of a $267 million Series F funding round last November. The funding was led by Tiger Global Management and brought the company’s valuation as of that time to $3 billion. The company said it planned to use the money to help with the development of its Singularity XDR Platform, which works to give businesses an integrated cybersecurity system utilizing cloud workload protection, IoT security, endpoint protection, endpoint detection and response.

The company also had a Series E funding round in February 2020, and the success of the numerous rounds led some officials to wonder if it was time for the company to seek an IPO.