CrowdStrike highlighted on the last call that they won Workday from you and they highlighted false positives and reasons why they said that this customer switched to them. So all in all, we're definitely seeing an opportunity that's almost completely Greenfield there. Whats the Priority for MSS/MDR Selection for 2023? Identity protection, XDR, data analytics and cloud security have been SentinelOne's biggest areas of investment during 2022, according to co-founder and CEO Tomer Weingarten. So for a lot of these new accounts that we're winning that the net new logo motion that we have is already going into other adjacencies in the enterprise, whether it's IoT security or cloud security. 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). 225% on $1 million deals, again, a good reflection of our traction in the enterprise. Customers give CrowdStrike high marks. So you'll see it in Q3, you'll see it in Q4, and then it should dissipate beyond there. Now for our outlook for Q3 and the full fiscal year. The next question is from Brian Essex with Goldman Sachs. 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. Biography of Tomer Weingarten. We spoke with Weingarten about endpoint security, SentinelOnes evolution, the future of cybersecurity, and much more. Thank you for taking my question. Enterprises represent about two thirds of our business today, and we're gaining even more traction. Next, I'll share some insights on our go-to market. In the unfortunate, but often common case of a company being breached, IR partners are called in to identify and remediate the attack. Equally critical is machine speed detection, response and remediation. Join us LIVE! Turning to the business, in Q2, our ARR growth accelerated to 127% year-over-year and our revenue was up 121%. And I think if you're looking at all these incumbent vendors and incumbent footprints, obviously there's massive, massive amounts of breaches there. 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. SentinelOne just raised $200 million in its latest round. Covering topics in risk management, compliance, fraud, and information security. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. 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. Our customers are diverse in size, scope and geography. Even for the engine peers, I mean, we're seeing a lot of their customers and we've had a multi-million dollar displacement this quarter for a customer that grew increasingly frustrated with the multiple infections with inefficiency on protecting server environments. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Dave, when we think about your Czech Republic R&D facility, is that driven by global lack of talent? 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. Could you talk a little bit about your hiring plans and sales? Is this coming from the tiers that you talked about and up-sell within the base or a lot of that growth coming from the adjacent modules? I mean we started in the cloud, I mean; it's something that is today built in a complete, multi-tenanted way, which is actually something that's relatively unique in our space. How's it going versus legacy players and what drives corporates that were on legacy system for a long time? 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. I have a quick one, if I can squeeze in, if not I'll ask you privately. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. These are the same targets that we shared during the IPO. Implementing AI Systems: Transform Your Business in 6 Steps. As a global investor, we look to help entrepreneurs build revolutionary businesses that reshape the world around us. And they wanted a more automatic solution. Prior to joining us Mr. Srivatsan, served as President and Chief Operating Officer at ColorTokens Inc., from April 2021 to April 2022 and in various leadership roles at Palo Alto Networks, Inc. (PANW), a global cybersecurity company, including most recently as Chief Strategy Officer from January 2019 to March 2021. We're seeing the ability for almost every customer that we have today to go in and prove by that functionality. It jumped in Q2 to above 70. Yes. documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements. Great, thank you very much. Most SIEM firms started as a node-based approach that's deployed on-premises, while cloud-native data analytics provide a shared architecture that's highly scalable across customers. We added the highest number of million dollar ARR customers this past quarter. Were on the path to becoming a public company, and thats what were building the company towards. In Q2, we added over a dozen additional IR partners and are bringing more online in Q3 and beyond. One customer noted Overall I am thrilled we went with CrowdStrike. in Computer Science from Tourou International University. Finally, we're focused on data. Its zero additional deployment. 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 This is an improvement upon our fiscal year 2021 operating margin of negative 107%. Tomer Weingarten, SentinelOne co-founder and CEO, joins 'TechCheck' to discuss the current status of Microsoft's vulnerability to cyber attack, what measures need to be taken to deter a future. Tom (@ttaulli) is an advisor/board member to startups and the author of Artificial Intelligence Basics: A Non-Technical Introduction, The Robotic Process Automation Handbook: A Guide to Implementing RPA Systems and Implementing AI Systems: Transform Your Business in 6 Steps. That's correct. "Up until this point, it was mostly promises and in buzzwords. After seeing the immediate value of our technology, we see extremely high adoption rate at post-breach as post-breach enterprise is standardized on SentinelOne as a modern approach to cybersecurity. We got $9 million ARR when we acquired Scalyr. 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. The next question is from Patrick Colville with Deutsche Bank. And so from an apples-to-apples perspective, we're typically at or higher from a technology perspective, but we enable customers to best put that, that money to use buying technology. Let's discuss the business. Before SentinelOne, Tomer led product development and strategy for the Toluna Group as a VP of Products. Obviously, we're very enthusiastic about our top line drivers. Thank you to all of our employees and also our customers and partners. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. But at the same time we feel presence in the mid-market is important and it's something that actually is a very efficient go-to-market for us. 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. 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. Note that the SMB (small-and-medium size business) category has shown even more growth. You may proceed. SentinelOne CEO Tomer Weingarten believes his $155 million acquisition of data-analytics startup Scalyr, announced Tuesday, opens up a whole new direction for his cybersecurity firm, which uses. I think if you look at it, apples-to-apples you'll see that the prices are pretty much similar. So to us, again being completely cloud native, being multi-talented is a competitive differentiator we have for that part of the market. In 2019, Weingarten told me the company was enjoying300% growth year-on-year. Yesterday he said, We have grown at over 100% year over year for the last several quarters and in the first quarter annual recurring revenues were up 116%., SentinelOne views cash flow positivity and profitability as a long-term target, he told me. Weingarten served as the company's co-founder and CTO from May 2011 to May 2012. Tomer, you mentioned IoT cloud and data center seem really good uptake. One compromised printer can quickly become an adversary's home base for an attack. 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. As it relates to some of the $1 million ARR customers that you landed. But even today, CS is growing at a rate of 74 percent, a very high rate for a company its size. Prior to joining PANW, Mr. Srivatsan served as Managing Director, Business Operations & Strategy at Google Cloud, a cloud computing services company, from October 2015 to January 2019. It's predominantly in the second half of this year. With regard to revenues, SentinelOnes numbers are only slightly lower than CrowdStrikes were back when it was the same size. At SentinelOne, Tomer Weingarten has 36 colleagues including Dan Schienman (Director), Ana Pinczuk (Director) . From there, Weingarten hopes to introduce a high degree of automation around the data that's collected to improve security operations, not just on the endpoint or cloud but also around the network and email. We also offer more than 10 modules that extend our platform value to more enterprise needs from IoT discovery and security to cloud and container workload protection. The next question is from Brent Thill with Jefferies. Criminal syndicates love cybersecurity because its more lucrative, harder to pinpoint, and harder to attribute just a better system for them obviously. We started thinking about the right approach to building security for the future. information systems; Implement NIST's risk management framework, from defining risks to selecting, implementing Our focus with Scalyr is obviously been on implementing the technology not on really pushing our go-to-market. The remainder of the lockup will expire subsequent to our Q3 earnings report. We even received a patent on this approach.. The only way to ensure safety and security is with zero trust. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. This means distilling a solution that would be battle-tested through time, something that serves your customers for years to come. Thank you, and congrats on a very good quarter. Furthermore, the more we can build applications on top of the data that we collect using the platform, the more value we can bring to our customer base and the more extensive our offering can be across many different facets. 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. Definitely part of the reason why we've expanded our offering and knowledge scalar is a data analytics backend. There's a lot more detail in our shareholder letter, which I welcome you to view on the Investor Relations section of our website. When I think of growing up as a teenager, I was pretty impressed with Bill Gates story. Since its April 2019 IPO, CrowdStrike stock has bolted at a 135% annual rate to $252 a share valuing the company at nearly $57 billion. 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. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements. Again Ranger is one of our fastest growing modules and same goes for data retention. 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. Mr. Bernhardt holds a B.S.c. Divya Ghatak has served as our Chief People Officer since August 2019. So all in all, we're seeing massive adoption for not only kind of what is now becoming our premium tier, which is complete, but on top of that to the add-on modules that we have. You may proceed. And that's kind of what we see in this space today. Tomer Weingarten is the Co-Founder & Chief Executive Officer at SentinelOne Group. In an exclusive presentation, Ross, lead author of NIST Special Publication 800-37 Nothing is trivial. in Personnel Management and Industrial Relations, from the Tata Institute of Social Sciences in India. You may proceed. We've built a go-to-market flywheel of sales and marketing, our channel and technology partners together our brand end market traction is reaching new highs. 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. "Our competitors have gone down the path of multiple platforms and multiple offerings, beaming data from their EDR into their XDR. Thank you. Its basically the go-to console for security operations people in some of the worlds largest organizations. We're still in early innings, but it's massive, its macro and its global. Additional proof of this can be seen in the amount of time it takes the company to recoup its sales and marketing expenditures. And I think that comprises the vast majority of our pipeline. We're helping our customers stay ahead of all adversaries, prevent breaches and autonomously respond through innovation. SentinelOnes figure (85 percent last year) was the highest of them all. Over 5,400 customers use our Singularity XDR platform. They bundle a service with it. Tomer Weingarten, co-founder and CEO, SentinelOne (Image: SentinelOne) Identity protection, XDR, data analytics and cloud security have been SentinelOne's biggest areas of investment during 2022 . I guess the question is how do you sort of judge the scale of your channel? 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. 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. 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