SentinelOne, a cybersecurity company, has dropped its S-1 to eventually make its public market debut on the New York Stock Exchange.
The company is taking the traditional initial public offering route and plans to trade under the ticker symbol S, CNBC reported. The company’s IPO prospectus with the SEC shows that its revenue rose 108% year-over-year to $37.4 million in the quarter ending April 30.
Although the company saw significant revenue growth, it also saw its net losses rise to $62.6 million from $26.6 million in that same period, the filing shows.
Meanwhile, its revenue grew 100% in 2021 compared to 2020, with revenues of $93.1 million and $46.5 million, respectively. However, during this same period its net losses increased from $76.6 million in 2020 to $117.6 million in 2021.
The California-based company was founded in 2013 and provides autonomous security for the endpoint, datacenter and cloud environments, according to the company’s LinkedIn. The company’s cybersecurity platform is powered by artificial intelligence. SentinelOne has offices in Mountain View, Tel Aviv, and Tokyo.
The total addressable market (TAM) for the company’s services is expected to climb to $40.2 billion in 2024, it said in its prospectus citing the IDC.
The filing shows that the company plans to grow its platform, drive more new customer acquisition, grow its customer base, expand its global presence and grow its TAM through acquisitions.
The price range and number of shares for the offering haven’t been determined yet.
In other recent cybersecurity news, I recently wrote up an article examining the identity verification space, which has pulled in nearly $835 million in venture funding across 24 rounds—37.5% of which were made in seed-stage startups, as calculated from a Crunchbase data pull conducted in late April. To add some more fuel to the sector on fire, the digital identity market is projected to rise from under $15 billion in 2019 to more than $30 billion by 2023, according to research by One World Identity.