Endpoint security company SentinelOne closed a $200 million Series E funding round, which brings its total raised to $429.5 million and its valuation above $1.1 billion.

“I believe this gives us our unicorn horn,” said Raj Rajamani, SentinelOne’s chief product officer.

Insight Partners led the funding round with participation from Tiger Global Management, Qualcomm Ventures, Vista Public Strategies of Vista Equity Partners, Third Point Ventures, and previous investors.

SentinelOne’s Series E follows a $129 million Series D funding round in June 2019 as well as some strong business traction for the company including 104% year-over-year revenue growth and 150% increase in deals over $2 million compared to last year.

Plus, it comes shortly after the vendor’s first full quarter selling its IoT device discovery and segmentation product called Ranger. “IoT has been flying off the shelves,” Rajamani said. “By the end of this fiscal year, we want to be booking over eight digits in IoT revenue.” And based on the first-quarter Ranger numbers, SentinelOne is well on track to “comfortably” meet this goal, he added.

SentinelOne also last week announced its cloud-native Singularity platform, which integrates the data, access, control, and integration planes of its endpoint protection (EPP), endpoint detection and response (EDR), IoT security, and cloud workload protection products into a centralized platform. And later this week the vendor will launch a new product for cloud workloads that supports containers and Kubernetes, Rajamani said.

“Both IoT and cloud security: I think each of these can develop to a legitimate business unit driving hundreds of millions of dollars in revenue each,” he added.

The funding also comes at an interesting time for the larger endpoint security sector. Over the summer market leader CrowdStrike raised $612 million in its initial public offering. “They did exceptionally well, and they are still a $12 billion or $13 billion company today,” Rajamani said.

Additionally, the endpoint security market saw its share of consolidation: Broadcom bought Symantec for $10.7 billion, and VMware paid $2.1 billion for Carbon Black. “And a number of other smaller vendors bit the dust,” Rajamani said, noting Elastic’s Endgame acquisition and enSilo, which Fortinet recently scooped up for an undisclosed amount.

“All of this opens up a big space for SentinelOne, and all of this led to the $200 million [Series E],” he said. “In the history of cybersecurity, there’s always been a very strong second players. I’m not saying we don’t aspire to be the first — we do — but CrowdStrike is ahead of us, and we are the most viable alternative to CrowdStrike. We are already in three of the Fortune 10, and we’re seeing tremendous growth across the board in bookings, revenue growth, customer growth.”

SentinelOne says it has more than 3,500 customers, and these include one of the largest credit card processing companies and one of the largest social networking platforms, Rajamani added.

The latest funding round will help SentinelOne to meet its growing global demand and hire more employees for its soon-to-open European headquarters in Amsterdam, Rajamani said. “We may opportunistically do some acquisitions on the technology front,” he added. “But, by and large, we have done really well through organic development, which continues to remain our focus and means we are able to bring a very customer-crafted, well-integrated solution to the market.”