Okay. Where is the battle coming down to more of the next gen providers? It's incredibly holistic again in nature. You may proceed. The most surprising figure is SentinelOnes gross profit margin, which stood at 56 percent last four quarters. Security teams simply can't analyze and respond to billions of events every day. The company raised close to $700 million over eight rounds of funding. Israel cyber firm SentinelOne is trying to hitch a ride on its major rivals success, but the numbers arent in its favor. Thank you. The secondary of focus is around zero trust. Prior to Chegg, Mr. Bernhardt served in various positions at Palantir Technologies Inc., a data analytics software company, including most recently as its Vice President of Finance and an advisor, from May 2009 to August 2013. in Computer Science from Tourou International University. CrowdStrikes field is security for end-user devices (devices connected to the end of a network, like a cellphone or computer hooked up to the world wide web). 02:14. in Manufacturing Engineering from Boston University, and a Ph.D. in Operations Research from the Massachusetts Institute of Technology. Now its true that SentinelOne faces intense competition. It's always going to be competitive with at least one other next gen competitor. 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. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm's engineering, research and development functions, and substantially all of its products and services businesses. Materials that are as of a specific date, including but not limited to press releases, presentations, blog posts and webcasts, may have been superseded by subsequent events or disclosures. I think it is about becoming a more mature company.. Hi, good afternoon. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I think it's just fair to ask the question, if you can refer to their statements and announcements on this customer? Generally, service companies are less profitable, because their revenue costs, meaning the amount it costs the company to produce the product or service it supplies, are higher. When SentinelOne CEO and co-founder Tomer Weingarten launched the company in 2013, he had a revolutionary vision to transform the way organizations protect their data and devices by building software that doesn't just observe but prevents and deflects in real-time. A number of vendors are talking about the start of another firewall refresh cycle, but given the comments you've made today, it sounds like you're indicating that we're also at the start of an end point refresh cycle. On Wednesday's episode of "Mad Money," SentinelOne CEO and co-founder Tomer Weingarten discusses the cybersecurity firm's fiscal second quarter 2022 results. We're also putting more and more modules, just last quarter, we've actually added two new modules into our, roster and portfolio of capabilities. Great. Thank you. Yes. The reality was that traditional systemssuch as those based on human-powered signatureswere failing even more. Before SentinelOne, Tomer led product development and strategy for the Toluna Group as a VP of Products. Its Singularity platform does this in a highly autonomous fashion deflecting attacks in real-time with no human intervention. No egos. What are you sort of seeing in terms of new customers and existing customers in terms of the peers that they're sort of opting for? 2023 Information Security Media Group, Corp. The response piece is especially important. And the idea is over time to continue and ingest more data from all of these adjacent solutions in the enterprise into our open XDR platform. The ability to give a full spectrum solution, a full spectrum platform that ranges from best of breed prevention, all the way to detection and response and remediation all of that in a complete uniform autonomous manner. What type of capacity, you see going forward in terms of your ads for the next couple of quarters? Finally, for operating margin we expect negative 96% to 99% in Q3. Even beyond security. In the industry, we saw a lot of opportunity in the endpoint market. And to what extent that partnership integration makes your partners more sticky over time and amplifies that loyalty? SentinelOne, which develops AI-powered software for cybersecurity, launched its IPO today. 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. 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. Keenan Conder has served as Chief Legal Officer and Corporate Secretary since September 2021. Its listening on one end, grabbing as much data as you can, taking that data, distilling it, and building the best prediction that you can for the future and for your product. Its going to be mostly a handshake between devices in the cloud at the end of the day. This is XDR. We're now seeing, think about the White House Executive Order that mandates low collection, data retention, the ability to keep security data input telemetry for longer is actually fueling customers to procure more and more data retention and archiving directly from our platform. He says the company is expanding into critical areas such as cloud security posture management and cloud infrastructure entitlement management. And with an eye to the future, we just announced that we'll be opening an R&D facility in the Czech Republic to support our growing scale and global presence. Thats a pretty impressive 347% compound annual growth rate in value. Definitely on the enterprise side, weve seen more lends with our complete tier, actually were more attached to ranger, more attached to vigilance, more attached to data retention. 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. The pace of technology today is pretty fast. These non-GAAP measures are not intended to be a substitute for our GAAP results. This is why our patented storyline technology is so important, like monitors and contextualizes all events across an enterprise at machine speed. "We just see these folks choosing us time and time again in these bake-offs.". I see that landed costs per new logo is certainly much higher than it was last quarter. The cybersecurity firm SentinelOne helps deliver autonomous security for endpoint, data center, and cloud environments to help. Mr. Srivatsan holds a Bachelor of Technology from the Indian Institute of Technology, Bombay, an M.S. And as a result, we're delivering real-time industry leading threat detection and response from endpoint to IoT to cloud. That's over 2000 more than last year. I have a few questions I want to speak about competition. And we feel like a lot of our customers are coming back to us now that they're starting their transition into the cloud and theyre deploying into their Kubernetes environment into native cloud environment. From a go-to-market perspective, what it means for our customers is we really allow them to realize even greater ROI on previous solutions that they had purchased. Whats the Priority for MSS/MDR Selection for 2023? Ms. Tomasello has over 20 years of experience in the accounting industry. It's about creating a more secure endpoint in the most holistic way possible. So all in all, we feel pretty good about our market presence in the channel ecosystem. Well, you will encounter challenges to overcome on a daily basis. Are you still seeing a lot of replacement of legacy out there, which would imply that there's still a long way to go in this markets? Thank you and thank you all for joining us today. Thank you. Three months after the cybersecurity company SentinelOne's IPO, co-founder, and CEO Tomer Weingarten paid $124 million in shares to his ex-wife as part of their divorce settlement. 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. Equally critical is machine speed detection, response and remediation. Ms. Ghatak is a member of the board of advisors of Findem, Inc., a company that uses an artificial intelligence platform to assist companies in their employee hiring, since February 2021. His background was mostly in analytics. Youre building it for the benefit of the world at the end of the day. To me, that was inspiring. 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. 2023 This was definitely a major validation of the AI approach. And that's really what's driving massive motion in our market. And that becomes very unique proposition. Even after backing out the $10 million and acquired ARR from Scalyr, our organic growth was still well into the triple digits. And that drives adoption as well. Okay, great. The colleagues of Tomer Weingarten. Mr. Bernhardt holds a B.S.c. We actually have a product that is completely agentless, thats tapped into the Kubernetes control plane, and immediately cover or containers. Our customers are diverse in size, scope and geography. And we're seeing, the beginning and first innings of traction, we deliver with a lot of our newer modules. As for SentinelOne, the vision was to build a next-generation cybersecurity platform that leveraged AI. in Computer Science from the University of Arizona and an M.B.A. from the Wharton School of the University of Pennsylvania. Before launching the company in 2013, he had helped to create several other tech startups. And since this is our first earnings call, I'd like to give some background on our journey and how we got here. Most organizations dont have hundreds of people in their security teams; you have to find a way to deal with that scale. Weingarten said in the past that CrowdStrike relies more on providing services, whereas SentinelOne relies more on machine learning and automation. Any forward-looking statements made during this call are being made as of today. It jumped in Q2 to above 70. One, our 97% gross retention rate, which means our customers are happy and staying with us. Youre building something that protects everybodys data. "You're starting to see what the XDR strategy really looks like for some of these vendors," Weingarten says. Or is there a big opportunity with those going forward? We're helping our customers stay ahead of all adversaries, prevent breaches and autonomously respond through innovation. Note that the SMB (small-and-medium size business) category has shown even more growth. I think building a little bit on Saket's question, but I wanted to touch on the net dollar retention rates. So yes 37. For me, as a leader, a lot of it is just listening and remaining humble. This ratio reflects expectations about the companys rate of growth, the market it operates in, the efficiency of its operations and other factors. Today, the company is about 600 people globally, over 4,000 customers, weve raised about $430 million to date, and we are valued at over a billion dollars. And where do you see it kind of going in the next year coming off the IPO? Security Operations. Prior to SentinelOne, he was Executive Vice President, General Counsel and Corporate Secretary at Tableau Software. In our world, what we see changing dramatically is the proliferation of IoT devices and the dialogue between devices in the cloud. improve their organizations' risk management capabilities. We knew that we need ways to deal with attacks that are increasing in frequency and becoming more automated. So to us, again, it really falls into the strategy that we took up by enabling our customers to pick any vendor and indeed builds on top of the Singularity platform. 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. Great. Whats more, those ambitious growth goals are tough to beat every quarter. And in any sense of the penetration that product has with customers today? AI cybersecurity provider SentinelOne files for $100M IPO, SentinelOne, an AI-based endpoint security firm, confirms $267M raise on a $3.1B valuation, SentinelOne raises $200M at a $1.1B valuation to expand its AI-based endpoint security platform. The chief information security officer of a Fortune 500 oil company captured it well saying SentinelOne's storyline technology fundamentally changes EDR. We will put more boots on the ground. We've also begun transitioning our data back into Scalyr for new proof-of-concept deployments, onboarding new customers at scale. David Bernhardt has served as our Chief Financial Officer since September 2020. Thank you, and congrats on a very good quarter. Ranger identifies and tracks all rogue IoT devices and we've just released Auto Deploy. 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. Our future is unbounded. Two years ago, the American company CrowdStrike held its initial public offering, which valued it at almost $7 billion. Tomer, maybe for you. 2021 Qualcomm Technologies, Inc. and/or its affiliated companies. By browsing bankinfosecurity.com, you agree to our use of cookies. Ms. Ghatak holds a B.A. Before I turn into Nick and Dave, I want to say I'm excited about what we've achieved as the company. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. Both companies have one figure thats identical their dollar-based net retention rate, which reflects growth in revenues from existing companies. And that just drive efficiencies. We feel better competitive environments more, that's for sure. SentinelOne is competing effectively with rivals such as CrowdStrike and Palo Alto Networks. Qualcomm Ventures Investment Team members are employees of Qualcomm Technologies, Inc. or one of its subsidiaries. They tend to be similar, standardized and open source. Thank you. Okay. Prior to joining us, Mr. Ashkenazi served in various leadership positions at Check Point Software Technologies, Ltd., a cybersecurity company, including as Head of Global Professional Services, from January 2004 to May 2014. I want to say I 'm excited about what we 've achieved the! 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