US-based autonomous cybersecurity software provider SentinelOne filed for a $100m initial public offering yesterday that would provide exits for consumer electronics producer Samsung and mobile semiconductor manufacturer Qualcomm.
SentinelOne’s cybersecurity software utilises artificial intelligence to autonomously detect, locate and respond to cyber threats across endpoints, containers, cloud workloads and connected devices.
The company has more than 4,700 customers and doubled revenue to $93m in the year ending January 2021, while its net loss rose from $76.6m to approximately $118m.
The offering comes after nearly $700m in funding, the most recent of which was a $267m series F round in November 2020 led by $150m from Tiger Global Management and backed by Sequoia Capital, Third Point Ventures, Anchorage Capital and Insight Partners at a valuation topping $3bn.
Insight Partners had led a $200m series E round for SentinelOne nine months earlier that included Qualcomm subsidiary Qualcomm Ventures, Vista Equity Partners, Anchorage Capital, Third Point Ventures, Tiger Global Management and undisclosed existing backers, valuing it at $1.1bn.
The company had raised $120m in a mid-2019 series D round also led by Insight Partners with backing from Samsung unit Samsung Ventures, NextEquity, Redpoint Ventures and existing investors Third Point Ventures, Data Collective, Tiger Global Management, Granite Hill and Sound Ventures. Its earlier backers include Westly Group, SineWave Ventures, Accel and UpWest Labs.
SentinelOne’s notable shareholders are Insight Partners, the owner of a 15.7% stake, Tiger Global (12.4%), Third Point Ventures (11.25%), Redpoint Ventures (8%), Data Collective (5.2%) and Anchorage Capital (5.1%).
Morgan Stanley and Goldman Sachs are lead book-running managers for the offering, which is set to take place on the New York Stock Exchange, while BofA Securities, Barclays Capital and Wells Fargo Securities are active book-running managers.
UBS Investment Bank, Jefferies and Deutsche Bank Securities are passive book-running managers for the IPO and Piper Sandler, BTIG, Cowen, Needham & Company, Loop Capital Markets, Drexel Hamilton and R Seelaus are co-managers.
