Cyber firm SentinelOne raises $70 million bringing total to over $110 million

TEL AVIV (Reuters) - Cyber security company SentinelOne said on Wednesday it raised an additional $70 million, bringing the total amount it has raised to over $110 million.

The Palo Alto-based company was founded by Israelis and has a research and development center in Israel. It plans to use this capital to expand sales and marketing efforts to achieve more than 400 percent sales growth in 2017, while continuing to invest in R&D.

U.S. venture capital firm Redpoint Ventures, a new investor and SentinelOne customer, led the round along with new investment from Sound Ventures - actor Ashton Kutcher’s and talent manager Guy Oseary’s investment firm. Existing investors Third Point Ventures, Data Collective, Granite Hill Capital Partners, Westly Group, and SineWave Ventures also participated in the round.

SentinelOne uses machine learning and behavior analysis to provide threat prevention, detection and response for endpoints.

Redpoint Ventures partner Tom Dyal said endpoint security is a $10 billion market opportunity as businesses migrate away from traditional anti-virus software. SentinelOne customers include Time Inc and it recently signed a North American distribution deal with Avnet Inc AVT.N.

Reporting by Tova Cohen