This ratio reflects expectations about the companys rate of growth, the market it operates in, the efficiency of its operations and other factors. You may proceed. About seven years ago, my co-founder and I started looking at what type of solutions enable enterprises to figure out where the attack landscape is headed. I think that goes into why you're seeing 129% at RR. SentinelOne - founded by Almog Cohen and Tomer Weingarten. Youre building something that protects everybodys data. Tomer Weingarten. Tomer Weingarten, SentinelOne CEO, joins 'TechCheck' to discuss how long the company's strong growth can continue, how quickly it can grow on the top line and how he would characterize the way. 2023 Information Security Media Group, Corp. Instead of people having to manually assemble data points, the technology assemble stories for us and even make decisions in real-time, game changer. Thank you. While its customers do include three of the worlds 10 biggest companies, it only has 37 Fortune 500 companies on the list. I think if you look at it, apples-to-apples you'll see that the prices are pretty much similar. Could I just, I guess follow on about the connected environment. Make no mistake, this is a competitive market. Excluding the redundant costs for the Scalyr migration, we estimate fiscal 2022 gross margin would be roughly similar to our gross margin we achieved this quarter. Just some of the key rivals include CrowdStrike and Palo Alto Networks. As he told me in June 2019, SentinelOne was aiming at the $8 billion endpoint security market which protects smartphones, laptops, tablets, cloud services, and Internet of Things (IoT) devices which access corporate systems from cyberattacks. I mean, we feel like our traction in the enterprise and definitely 140% growth year-over-year and 100,000 deals and above is a good reflection of how much bigger we're landing in accounts. Looking further the older ransomware attacks, unfortunately this isn't new and it isn't going away and it's impossible to ignore. SentinelOne -- which provides a machine learning-based solution for monitoring and securing laptops, phones, containerised applications and the many other devices and services connected to a network -- has picked up []. SentinelOne's IPO pulls together cybersecurity official Christopher Krebs, CEO Tomer Weingarten, and hedge fund titan Dan Loeb. Mr. Weingarten also previously served in various roles at Mckit Systems Ltd., a provider of information and knowledge management systems in Israel, from March 2005 to April 2007. Before SentinelOne, Tomer led product development and strategy for the Toluna Group as a VP of Products. Prior to joining us, Mr. Parrinello served as Senior Vice President of Worldwide Sales at Cohesity Inc. from February 2017 to November 2019. Yes. Prior to that he held several application security and consulting roles at various enterprises, and was . I think we take a different approach. I think the road is long, and I think what really is important to understand about our platform is we're much more than endpoint security. To me, that was inspiring. Weingarten served as the company's co-founder and CTO from May 2011 to May 2012. Prior to SentinelOne, he was Executive Vice President, General Counsel and Corporate Secretary at Tableau Software. Before our founding, Mr. Weingarten held various positions, including Vice President of Products, at Toluna Holdings Limited, a technology company that delivers real-time consumer insights, from May 2007 to December 2012, which he joined following the acquisition of Dpolls, a startup he had previously co-founded. This is an improvement upon our fiscal year 2021 operating margin of negative 107%. As we look at customer acquisition, typically who are you going up again? Our business is expanding well into the triple digits, both for ARR and revenue and our guidance for Q3 shows that we expect that to continue. National Institute of Standards and Technology (NIST), SentinelOne's Tomer Weingarten on Cloud, XDR and Analytics, Need help registering? We started thinking about the right approach to building security for the future. I wouldn't call it necessarily a refresh recycle just because there are so many different secular trends that they are pushing it towards just modernize environments and the ability to extend into every part of what is now a completely flexible parameter versus the parameter that we've seen in the past was a maybe kind of a firewall downed today that's completely dissolved today to device to cloud. Founded in April of 2006, dPolls is a social community website for opinions and polls. From sales to support, marketing to channels, business development to customer success, Vigilance MDR to SentinelLabs, our go-to-market organization is world-class and I'm proud to work with this global team of relentless Sentinels each and every day. I see that landed costs per new logo is certainly much higher than it was last quarter. We will now begin the question-and-answer session. You may proceed. And to what extent that partnership integration makes your partners more sticky over time and amplifies that loyalty? It's about half of our customer we're still use core or control with the larger enterprise customers obviously using the complete solution. We are very excited about our performance in the second quarter. information systems; Implement NIST's risk management framework, from defining risks to selecting, implementing Got it. Our net retention rate was 129%, a new record for our company, fantastic execution from our sales and go-to market teams. Obviously we find them in more and more accounts that we sell into, so that also become something that our customers are asking us to do. Yes. Lets put it that way. Your feedback and trust puts us on the winning side of cyber warfare every day. Many customers are using XDR as a filtering mechanism for their SIEM tools, Weingarten says, putting all of their data initially into XDR since it's much more cost-effective. Its implied valuation was $8.9 billion $2.2 billion more than CrowdStrikes $6.7 billion market debut in 2019, and a previous eras cyber defense IPO big winner, McAfee, noted CNBC. Tomer Weingarten is our co-founder and has served as our Chief Executive Officer and a member of our board of directors since our inception in January 2013, as our President since November 2018, and as our Chairman of the Board of Directors since March 2021. Two, we don't compete with our channel partners. So we're going to continue to invest and build and grow our go-to-market teams. So you'll see it in Q3, you'll see it in Q4, and then it should dissipate beyond there. For us, it really is a good mix. Our future is unbounded. Could you talk a little bit about your hiring plans and sales? The chief information security officer of a Fortune 500 oil company captured it well saying SentinelOne's storyline technology fundamentally changes EDR. Thank you. Great, and appreciate you guys taking my question. Ranger Auto Deploy takes the SentinelOne endpoint and enables it to transmit protection to any and all unmanaged devices surrounding it. But the last thing and this is not to be underestimated with our unique go-to-market business is that multi dimensional channel that we talked about. I believe for us it's really about the holistic approach we're taking that allows us to win both, I guess, incumbents and against the next gen peers. Our focus with Scalyr is obviously been on implementing the technology not on really pushing our go-to-market. Based on the analysis from IDC, the spending is expected to reach $40.2 billion by 2024, which represents a compound annual growth rate of nearly 12%. And are there enough people out there to fulfill your needs? I have a few questions I want to speak about competition. Again Ranger is one of our fastest growing modules and same goes for data retention. I mean, I think it's it's something that you'll see anecdotally happening. We launched SentinelOne in 2013 with the idea that cybersecurity incorporated faster speeds, greater scale, higher accuracy, and most importantly do this through more automation. Support has been relatively effective, but can be a little slow on response times.. So I think there are many different drivers to what we're seeing right now in endpoint security. Thank you for your participation and enjoy the rest of your day. And that's really what's driving massive motion in our market. Our internal sales and support teams combined with our diverse and growing partner ecosystem gives us an incredibly vast reach. One thing I would add to that, this is Nick here is, from a budget perspective. For me, as a leader, a lot of it is just listening and remaining humble. SentinelOne CEO Tomer Weingarten closed on a $11.5-million home in Los Altos, just below the asking price, according to public records. Tomer Weingarten, CEO of SentinelOne, joins "Squawk on the Street" to discuss the company's IPO and cybersecurity business. After enjoying a 21% rise on its first day of trading, is it too late to invest in SentinelOne? So we obviously look for global talent everywhere. Getty/SentinelOne. If youre able to react and deflect at scale in real-time, then you have a unique advantage you have a system that protects from attacks in a manner that no one else does. We don't compete with them. It's not just quantity, but quality. Hey guys, thanks for taking my questions here and echo my congrats on becoming a public company. Our new Auto Deploy capability tackles one of the oldest problems in enterprise IT, quickly deploying protection to unmanaged and sometimes unreachable assets with ease. 225% on $1 million deals, again, a good reflection of our traction in the enterprise. LIVE Webinar | Cisco Duo and Umbrella are better together! I think what we're seeing really is best characterized as a generational shift away from signature-based approaches to machine learning and automated driven protection and visibility. Equally important, is you really have to have some foresight and an understanding of the problem domain. That's really helpful. Even beyond security. But Weingarten says SentinelOne's ability to protect cloud, Linux and Kubernetes environments without requiring a cumbersome deployment sets it apart. If SentinelOne will have a P/S ratio similar to that of CrowdStrike, its market value would be between $6 billion and $7 billion. First of all, success would not involve building better algorithms. This is the new normal forcing the revolution of how we work, where we work from and fundamentally how we secure the future of work. And that becomes very unique proposition. Before we begin, I would like to remind you that during today's call, we'll be making forward-looking statements regarding future events and financial performance, including our guidance for the third fiscal quarter and full fiscal year 2022, as well as certain long-term financial targets. Since July 2016, Ms. Ghatak serves on the board of directors for Watermark, a non-profit dedicated to increasing the number of women in leadership and an active sponsor of WiCys (Women in Cybersecurity). So they are able to lead with our technology platform. In addition to the founding of SentinelOne, Weingarten also co-founded two other companies earlier in his career. Certainly the IPO is part of that. Weingarten said in the past that CrowdStrike relies more on providing services, whereas SentinelOne relies more on machine learning and automation. After speaking with CEO, Tomer Weingarten, a few hours prior to its IPO, I see three reasons to consider buying the stock: To be sure, there are risks to buying it now. The State of Customer Identity & Access Management 2022, 2022 State of Cybersecurity in the Energy Sector, Cybersecurity Summit: North America - East, Key Themes of RSA 2023: Diversity of Ideas - New and Old, Ransomware Response Essential: Fixing Initial Access Vector, Nipping Ransomware in the Bud: Detecting Early Adversary Activity, OnDemand | Navigating the Difficulties of Patching OT, when it comes to performance and deployment, Next-Generation Technologies & Secure Development, Security Information & Event Management (SIEM), The Essential Guide to MITRE ATT&CK Round 4, Get the Most Out of Your (Growing) Security Tech Stack: Three Steps, eBook Special Edition I Extended Detection & Response for Dummies, Augmenting Your Microsoft 365 Email Security Infrastructure, Security Megatrends and Their Impact on Endpoint Security, New OnDemand | Building an Effective API Security and Compliance Program, JavaScript and Blockchain: Technologies You Can't Ignore, OnDemand | Realities of Choosing a Response Provider, FTC: Amazon, One Medical Must Keep Privacy Promises, Risk Management Framework: Learn from NIST, https://www.bankinfosecurity.com/sentinelones-tomer-weingarten-on-cloud-xdr-analytics-a-20160. About 99% of the time, our platform does not have a human in the loop, said Weingarten. Thank you to all of our employees and also our customers and partners. SentinelOne will use the proceeds from its IPO for acquisitions, more sales people, and expanding what its product does for customers. We sell three platform tiers, core control in our most comprehensive and popular tier complete. Looking at our Q2 results, we achieved record revenue of $46 million, increasing 121%. in Computer Science from Tourou International University. In fact, some larger enterprise companies will not even purchase cybersecurity software from private companies. Hi there. The financial outlook that we provided today excludes stock-based compensation expense, which cannot be determined at this time and are therefore not reconciled in today's press release. Both of these are included in the shareholder letter with more detail as well. Sure. But judging by the numbers, thats not really the case. These tiers enable us to bring our technology to a diverse set of biotech types and organizations from medium sized businesses all the way to the world's largest Fortune 500 enterprises. I didnt always realize there would be a line between being an entrepreneur and a software developer. And we intend to do the same also on the mid-market where we enable our channel ecosystem to carry more than just endpoint protection and several cloud security. Building a very robust and fanatical customer base is the most important thing. We've introduced, our cloud workload protection platform is an integral part of the AWS marketplace. Weve seen a leap happening practically overnight with COVID-19 changing pretty much every working model that weve known. Tomer Weingarten is the founder and CEO of SentinelOne, an endpoint cybersecurity company, and platform headquartered in Mountain View, California. We go up against incumbent and next gen players all the time. Today, I think we've shared that it's already about 10% contribution into our revenue is coming from the, cloud and server protection pieces that we sell, and we're seeing more and more traction in cloud security. This is the base run rate going forward. This success has attracted some of the worlds largest companies as customers and earned industry accolades, including a spot on the CNBC Disrupter 50 list, being named the highest-rated vendor on Gartner Peer Insights Voice of the Consumer: Endpoint Detection and Response Solutions report, and being listed as the 7th fastest growing company in the latest Deloitte Technology Fast500. We're hearing that you're quite cheaper than the competition next gen competition? As for SentinelOne, the vision was to build a next-generation cybersecurity platform that leveraged AI. Both companies have one figure thats identical their dollar-based net retention rate, which reflects growth in revenues from existing companies. In closing, Q2 was an excellent quarter with strong execution, and we're expecting that momentum to continue into the second half of the year. I am proud of the scale of our business and the triple digit growth rates we've now delivered for two consecutive quarters. The estimated net worth of Tomer Weingarten is at least $3.91 million as of December 12th, 2022. Sure. There are lots of things to understand, even the political ecosystems within the environments of customers who will eventually procure your product. Thanks a lot. Ms. Ghatak also represents SentinelOne as an active sponsor of WiCys. In the first quarter alone, it burned through $33 million. The proof of concept demo I went through before selecting this product was thorough and set us up for success when we did decide to continue our relationship with CrowdStrike., They also love the SentinelOne Singularity Platform. 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