Not If We Focus on Cyber Resilience, Protecting the Hidden Layer in Neural Networks, Crime Blotter: Hackers Fail to Honor Promises to Delete Data, How the Economic Downturn Has Affected Security Funding, M&A. And I would now like to pass the call back over to Tomer Weingarten, CEO of SentinelOne. As we look at customer acquisition, typically who are you going up again? This is Nick here. So just trying to think about the trajectory there and maybe the most fundamental thing that changed in the quarter to drive that improvement. in Manufacturing Engineering from Boston University, and a Ph.D. in Operations Research from the Massachusetts Institute of Technology. Before launching the company in 2013, he had helped to create several other tech startups. Enterprises represent about two thirds of our business today, and we're gaining even more traction. What was the mix in the quarter? Thanks for the questions, Hamza. And about pricing, is it is being cheaper than the next gen competition is the strategic strategic goal for you? Thank you. That gives me tremendous confidence in the long-term growth potential in front of SentinelOne. How so? Lets put it that way. 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. If the stock price remains at current levels, it will unlock up to approximately 40 million outstanding shares as of July 31, 2021, excluding vested equity awards. Prior to joining us, Mr. Bernhardt served in various leadership positions at Chegg, Inc., an educational technology company, including as Vice President of Finance and Principal Accounting Officer, from July 2011 to September 2020. And with our vision of XDR being open, being inclusive, being easy to use, what we're really doing is up-levelling the capabilities of those traditional and already installed products, adding tremendous value with the Singularity platform, but weaving that all in together to a complete and holistic view of security, which is really the promise that we're delivering upon with XDR. We just announced that we'll be expanding our engineering excellence into the Czech Republic. Its a huge undertaking. During this call, unless otherwise stated, we will discuss non-GAAP financial measures. We see tremendous opportunity for growth and the investments we're making today will put us in a position to succeed for the long-term. Prior to Chegg Inc., Ms. Tomasello was Assistant Corporate Controller at Palm, Inc. 444 Castro StreetSuite 400Mountain View, California 94041, Senior Vice President of Global Support and Services, follow us on Could I just, I guess follow on about the connected environment. Mr. Parrinello holds a B.A. I think if you look at it, apples-to-apples you'll see that the prices are pretty much similar. Weingarten says clients also save money since all data that's collected natively by SentinelOne's agents is stored for free regardless of whether it resides on the endpoint or in the cloud or is tied to user identity. No egos. You may proceed. 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. That's because of vision, execution and listening to the needs of our customers. Our net retention rate was the highest it's ever been at 129%. He would team up with Almog Cohen, who was a security expert at Check Point Software Technologies. Our customers want real-time response and protection. Finally, for operating margin we expect negative 96% to 99% in Q3. Clients can bring in any type of log source and cross-correlate disparate data points from siloed products made by different vendors into a single cohesive data lake to drive more automation and orchestration, he says. And as Nick mentioned in the prepared remarks, our ability to now signup most of the incident response providers, most of the leading incident response providers in the U.S. is providing for another channel that kind of expense the gamut of what we see in terms of market opportunities. Tomer Weingarten Co-founder / CEO at SentinelOne Mountain View, California, United States 13K followers 500+ connections Join to view profile SentinelOne Inc. The latest figure is 124 percent for both of them, meaning their revenues from existing companies are growing by 24 percent from year to year. And our platform is a 100% cloud native. Nothing is trivial. What type of capacity, you see going forward in terms of your ads for the next couple of quarters? Very helpful. And what do you anticipate going forward for larger enterprise mix? It's about creating a more secure endpoint in the most holistic way possible. Or how many modules they typically purchase? Bloomberg says the firm is interviewing bankers for a share offering this year; the Tel Aviv based company was founded in 2013 by Tomer Weingarten, its CEO, and Almog Cohen There are lots of things to understand, even the political ecosystems within the environments of customers who will eventually procure your product. 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. The approach of using artificial intelligence and automation-driven endpoint protection services has made SentinelOne one of the worlds leading cybersecurity firms in less than a decade by providing a deceptively simple solution to an exceedingly complex problem. The support is very responsive in my experience so far. Thank you very much for taking my question. In fact, some larger enterprise companies will not even purchase cybersecurity software from private companies. You may proceed, Mr. Weingarten. We are [investing to] acquire new market share while improving unit economics by operating in a more efficient manner.. That's great. "We've identified the critical capabilities that our customers need, and they're very adjacent to workload protection," Weingarten says. So we've been really maniacally tracking sales efficiency, and that has been improving quarter-after-quarter. So to us, I mean, we feel like we've built really strong foundation in the channel, but now they're just going and accelerating and obviously enabling the channel, preparing more modules is another tier in our ability to unlock doing the vast opportunity in the channel ecosystem. We build a mind map of device activities, apply distributed AI onto edge devices, and as [cyberattacks] are happening, we can intervene and stop the attack, he told me. Yes, we're looking definitely to extend more and more into cloud security. So we're going to continue to invest and build and grow our go-to-market teams. The first is on September 28. "It will eventually be a complete reimagination of the network by the data collected and by the XDR platform.". Remember that what youre building is for the customer and the end user. 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. Clearly competition in this industry will remain fierce. Our goal is to optimize for scale performance and cost. Theyre wonderful companies, but sometimes I dont understand why they are still the address., But he has no hesitation about bestowing lavish praise on CrowdStrike, the leading player in his market. With STAR security teams can now create custom detection response rules and deploy them in real-time. Its going to be mostly a handshake between devices in the cloud at the end of the day. Security Operations. Covering topics in risk management, compliance, fraud, and information security. Weingarten has referred to CrowdStrike as its main competitor. CrowdStrike is much larger than SentinelOne. 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. That wont be known until after its first earnings report as a public company. You call that the success with tears in modules, wondering if you can talk about the impact of cloud workload protection? 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. SentinelOne expanded its product portfolio to include identity with the $616.5 million purchase of Attivo Networks, enabling the firm to provide identity threat detection and response, identity infrastructure assessment and identity cyber deception. It's actually all of the above and we definitely focus on basically providing the customer the choice, license counts naturally organically extend over time. Weingarten says cloud-based XDR scales more effectively across petabytes of data than legacy SIEM products, allowing vendors to pass the lower cost of operation back to the customer. SentinelOne, Inc. (NYSE:NYSE:S) 24th Annual Needham Growth Conference January 11, 2022 1:15 PM ETCompany ParticipantsDoug Clark - Head, Investor RelationsTomer Weingarten - Chief Executive. So we obviously look for global talent everywhere. SentinelOne first offered shares at $35 each and they ended the day up 21% at $42.50. That is the way to make an impact in this world.. Founded in 2011, Carambola Media is a platform for publishing companies to generate additional revenue streams through content curation. We look forward to talking to you again in the near future. 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 doesnt just observe but prevents and deflects in real-time. I want to thank you for attending our earnings call and for starting this journey as a public company with us. This is intended to further improve data processing for the future and unlock long-term platform and go-to-market synergies. So the average enterprise has a few dozen different vendors covering various parts of their security enterprise. In the first quarter alone, it burned through $33 million. 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. Just remember thats the mission, thats why we wake up, thats why we build what we build. In Q2, we added world renowned IR partners like Kroll, Alvarez & Marsal and Group-IB. What do you think one for Tomer, to what extent does that validate your technology given that you're partnering with other next-gen vendors on the network security side? Looking at the rest of our P&L, we're investing for growth and it's clear that it's working, once again, reflected in our triple-digit top line growth rates. Yes. Two years ago, Weingarten said that the company had well over 2,000 customers and now it has over 4,700 two-thirds of which are high end enterprises, he told me June 30. This was very compelling to us. Live Webinar | Hacking Multifactor Authentication: An IT Pros Lessons Learned After Testing 150 MFA Products, Best Practices to Safeguard Your Brand and Your Customers' Digital Identity (in Portuguese), Webinar | The X Factor: Building Blocks to a Strong XDR Strategy, Live Webinar I Critical Considerations When Choosing Your Security Awareness Training Vendor, 3 Steps to Secure Everything You Build and Run in the Cloud, eBook: 6 Critical Capabilities for an Application GRC Solution, IDC FutureScape: Worldwide Future of Trust 2023 Predictions, The Definitive Guide to AI and Automation Powered Detection and Response, Top Canadian Cyber Threats Expected in 2020, Leveraging New Technologies in Fraud Investigations, Endpoint Security Challenges in Manufacturing OT and IT Systems Survey. By submitting this form you agree to our Privacy & GDPR Statement, General Data Protection Regulation (GDPR). However, Mountain View-based SentinelOne which went public on June 30 can brag that it is the highest-valued cybersecurity IPO ever, according to CNBC. In the past, Weingarten claimed when the two companies go head-to-head, SentinelOne wins out in 70 percent of the cases. Prior to joining SentinelOne, Ms. Tomasello served in a leadership role at Chegg Inc., where she was VP, Corporate Controller and Assistant Treasurer. I didnt always realize there would be a line between being an entrepreneur and a software developer. Obviously the incumbent vendors in our space are relatively weak, using antiquated technologies that are not up to par with the current threat landscape, so for us its about continuing to grab market share.. For us, it really is a good mix. There was certainly substantial demand from investors. 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. Its Singularity platform does this in a highly autonomous fashion deflecting attacks in real-time with no human intervention. Yes. Customers today are primarily looking to augment rather than replace their SIEM product with XDR, and Weingarten says shipping some data to the XDR provider rather than the SIEM will save customers significant money. Our open XDR approach is helping unify the entire enterprise view from data to device to cloud. Over the last eight years at SentinelOne, we've developed AI and machine learning models built patented storyline technology and created an in-house cloud data platform. We're still in early innings, but it's massive, its macro and its global. I think that is what the ideal is," Weingarten says. SentinelOne is basically my third company. And just my follow-up question. Now its worth about $10 billion, according to MarketWatch. , So to us, I mean, those positive performance it's always something that you deal with. I mean, we feel it's going to hover around these rates for kind of the foreseeable future, and we like their contribution. Seeing this thing called Microsoft its a software company and how you are basically just building something from code. 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. Next, success with AI would not be about having huge amounts of data either. So all in all, we feel well positioned to continue and capture market share in the cloud workload protection platform space into us, again if you coupled that with the platform approach with everything coming back to the same security data layer, then you really start unlocking synergies and you allow security teams really ask a question once and get an answer from every part of your enterprise network that spends from the endpoint or though the cloud. Tomer co-founded SentinelOne in 2013. We support and enable their business. Okay. We enable and embrace the channel. In fact, our IR partner ecosystem is our fastest growing channel. We are XDR. It's not just quantity, but quality. A key has been the leveraging of MSPs (Managed Service Providers). So we're going to actually have each quarter a bigger sales team that is also more efficient helping us continue to drive growth. Tiger Global, Insight Venture Partners, Third Point Ventures, and Sequoia Capital also participated in a $50 million concurrent private placement for the stock. Equally critical is machine speed detection, response and remediation. Learn the fundamentals of developing a risk management program from the man who wrote the book I guess the question is how do you sort of judge the scale of your channel? When customers run a search or query in SentinelOne's EDR platform, it can return results from any other security product in the customer's IT ecosystem without having to deploy multiple consoles or duplicate or transport data, Weingarten says. So you'll see it in Q3, you'll see it in Q4, and then it should dissipate beyond there. Tomer Weingarten, CEO of SentinelOne, joins "Squawk on the Street" to discuss the company's IPO and cybersecurity business. So to us, again being completely cloud native, being multi-talented is a competitive differentiator we have for that part of the market. 96% would recommend it and one reviewer was mostly positive noting Product does a lot of things very well & is a milestone leap upwards in our capabilities compared to our prior product, especially in respect to EDR capabilities. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. & GDPR Statement, General data protection Regulation ( GDPR ) sales team is... Ceo of SentinelOne be a line between being an entrepreneur and a Ph.D. in Operations Research the! About pricing, is it is being cheaper than the next gen is. Think about the impact of cloud workload protection the ideal is, '' Weingarten says publishing to! Changed in the most fundamental thing that changed in the near future we 're going be. 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