in Economics from Delhi University in India and an M.A. Can you characterize the competition? But at the same time turn into more of a preventative approach where I'm not saying that you can prevent everything, but you can absolutely do a better job on prevention and really stop that firefighting mode or improve it significantly. That puts the company behind nearly every other leading endpoint security vendor, including Trend Micro, Trellix, Sophos, CrowdStrike and Broadcom, according to IDC. And maybe Tomer, I would love to get your feedback on, I think in your prepared remarks you talked about two-thirds of your businesses is enterprise focused. We're definitely investing for growth. Prior to Medallia, Mr. Smith served in various positions at Oracle Corporation, a products and services cloud technology company, including most recently as Senior Director of Engineering, from October 2009 to January 2016. 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. Even ten years ago, the pace of technological change was not even close to where it is today. I think a lot of the misinformation that was there around us in the market, mainly fueled probably by competition. SentinelOne - founded by Almog Cohen and Tomer Weingarten. Thank you. The company's approach to the cloud limits trade-offs between performance and security and, unlike competitors, embraces an architecture that's compatible with the needs of cloud-native companies. They tend to be similar, standardized and open source. Tomer, maybe for you. Our customers choose us as their cybersecurity partner and we take the responsibility and trust seriously. What I'd also add to that is uniquely with SentinelOne, we've made a strategic decision to enable and not compete with the various multi-dimensional channel partners out there, whether that's MDRs, MSSPs, or incident response partners, obviously as well as your traditional resell partners. And as more enterprises rip out their aging legacy solutions, so I'm just wondering if that's the right characterization of the strong demand that you're seeing or do you think the ransomware attacks that we've seen over the last nine months, maybe fueling part of the momentum. Our solution understands in real-time whether theres an anomaly solely through observation and without relying on prior knowledge of whether something is bad or good. I'll touch on a few of the highlights before we open for Q&A. And it's kind of a game that we saw a film that we already saw and we see it growing over time. I'm proud of the technology and the innovation we're bringing to customers through our Singularity XDR platform. It's not just quantity, but quality. When I think of growing up as a teenager, I was pretty impressed with Bill Gates story. I mean, I think it's it's something that you'll see anecdotally happening. Prior to that, Mr. Weingarten co-founded Carambola Media Ltd., a publisher focused platform that creates new ad revenue streams through engaging content formats, where he served as Chief Technology Officer from May 2011 to May 2012. We are [investing to] acquire new market share while improving unit economics by operating in a more efficient manner.. So you'll see it in Q3, you'll see it in Q4, and then it should dissipate beyond there. 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. Haaretz.com, the online English edition of Haaretz Newspaper in Israel, gives you breaking news, analyses and opinions about Israel, the Middle East and the Jewish World. Across the entire enterprise from endpoint to cloud companies want partners and platforms not siloed point solutions. Founded in 2011, Carambola Media is a platform for publishing companies to generate additional revenue streams through content curation. 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. Prior to joining ISMG, he spent four and a half years covering all the major cybersecurity vendors at CRN, with a focus on their programs and offerings for IT service providers. So all in all, I mean, it just really kind of falls in line with both of our Zero Trust strategy and our open XDR approach. Even beyond security. Tomer Weingarten is the founder and CEO of SentinelOne, an endpoint cybersecurity company, and platform headquartered in Mountain View, California. Founder of Carambola Media Ltd., Sentinel Labs, Inc. and SentinelOne Ltd., Tomer Weingarten is an entrepreneur who presently occupies the position of Chief Executive Officer & Director at Sentinel Labs, Inc. and Chief Executive Officer of SentinelOne Ltd. (a subsidiary of Sentinel Labs, Inc.). So there we've added CIS benchmarking capabilities just a couple of quarters ago, we're seeing better and better adoption. In Q2, we added over a dozen additional IR partners and are bringing more online in Q3 and beyond. Yes. What we're bringing is automation and machine learning, ease of use, and really we're democratizing very advanced technology. Obviously there are areas that are, economically more viable in terms of full strategy. This was very compelling to us. He was recognized for his breaking news coverage of the August 2019 coordinated ransomware attack against local governments in Texas as well as for his continued reporting around the SolarWinds hack in late 2020 and early 2021. 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. And just remember that what youre building is for the customer and end-user. So we're going to actually have each quarter a bigger sales team that is also more efficient helping us continue to drive growth. Putting all of this together, cybersecurity has never been more critical and more challenging for the enterprise. SentinelOne will use the proceeds from its IPO for acquisitions, more sales people, and expanding what its product does for customers. Thank you for attending SentinelOne Second Quarter 2022 Earnings Conference Call. On Wednesday's episode of "Mad Money," SentinelOne CEO and co-founder Tomer Weingarten discusses the cybersecurity firm's fiscal second quarter 2022 results. I was hoping you could just talk a little bit about kind of the broader distribution channel a bit. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. Yes. According to a Bloomberg report from early March, the company is hoping for an even higher market value, of $10 billion. And this is Nick here. Prior to that he held several . Got it. The colleagues of Tomer Weingarten. I think it's just fair to ask the question, if you can refer to their statements and announcements on this customer? I see that landed costs per new logo is certainly much higher than it was last quarter. We are benefiting from increased scale, cloud hosting agreements and processing efficiency gains. We're seeing the ability for almost every customer that we have today to go in and prove by that functionality. Cyber defense should be even more holistic. This is the first. And that just drive efficiencies. So it's not only about protecting those attack surfaces, it's also about ease of deployment and simplicity of use. We definitely kind of look at the distribution channel, reselling channel, but the ones that are a little bit more classic to security is going to be incredibly strong, and at the same time the ability to also take the same platform, license it to MSSP providers gives us a tap into a complete different part of the TAM. Our open XDR approach is helping unify the entire enterprise view from data to device to cloud. Clearly competition in this industry will remain fierce. Its Singularity platform does this in a highly autonomous fashion deflecting attacks in real-time with no human intervention. And maybe just a quick follow-up for Dave. Thank you. Its a huge undertaking. 2021 Qualcomm Technologies, Inc. and/or its affiliated companies. Tomer co-founded SentinelOne in 2013. And following the call, an audio replay will be available on the Investor Relations section of our website. Nothing is trivial. At the end of the day, when youre in a startup and youre building a product, youre aiming for what would be a mass-market product in maybe three years from now. And in fact, 50% of our customer base is running, our core control package, we can upgrade those folks to complete many modules to cross-sell and up-sell. This new reality has dramatically multiplied the number of threats corporate security teams must defend against. But again infection, that's something that's unacceptable. The most surprising figure is SentinelOnes gross profit margin, which stood at 56 percent last four quarters. And that's what we're experiencing. I mean, they deal with that, we deal with that. 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. The first item is share count. He is responsible for the company's direction, products, and services strategy. David, maybe my follow-up for you. Yet the market is massive. 02:14. Just some of the key rivals include CrowdStrike and Palo Alto Networks. That's over 2000 more than last year. Career But no one is showing them how - We just announced that we'll be expanding our engineering excellence into the Czech Republic. About 99% of the time, our platform does not have a human in the loop, said Weingarten. 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. And specifically, when we talk about cloud security, we talk about workload protection platform and runtime protection. Now its true that SentinelOne faces intense competition. So I think it's in different environments you might see different difficulties. 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. According to investor Jamin Ball, who publishes comparisons of SaaS (software as a service) companies on his blog, it took SentinelOne 25 months to recoup its sales and marketing expenses, compared to 15 months for CrowdStrike. Our ability to not only discover all devices on the network, but now also to automatically deploy and help customers reach all these devices in a completely automatic manner is something that is incredibly unique in this space. Direction, products, and expanding what its product does for customers,... 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