Endpoint security company SentinelOne has filed for an IPO and is looking to raise up to $100 million in its New York Stock Exchange public offering, the company confirmed in its S-1 filing.
In the filing, SentinelOne disclosed 108% year-over-year revenue growth in the three months ending April 30, 2021, increasing from $18 million to $37.4 million. Its customer base increased from more than 2,700 to more than 4,700 between April 30, 2020, and April 30, 2021. Its channel partners generated 96% of revenue for the fiscal year 2021, up from 92% a year prior.
The filing also states net losses more than doubled year-over-year, increasing from $26.6 million in the three months ending April 30, 2020, to $62.6 million in the three months ending April 30, 2021.
The company expects operating expenses to increase in the future as it continues to invest in its future growth, which includes "expanding our research and development function to drive further development of our platform, expanding our sales and marketing activities, developing the functionality to expand into adjacent markets, and reaching customers in new geographic locations," according to its S-1 filing.
Since it was founded in 2013, SentinelOne has raised $696.5 million in funding, Crunchbase reports. Last November it raised $267 million in Series F funding, bringing the company's valuation to more than $3 billion – triple its $1 billion valuation since its Series E in February 2020.
SentinelOne has applied to list its Class A common stock on the NYSE under the ticker symbol "S."
Read the full S-1 filing for more information.