UPDATED 09:00 EST / SEPTEMBER 10 2019

SECURITY

Open-source security platform provider Snyk raises $70M for global growth

Open-source security platform provider Snyk Ltd. said today it has raised $70 million in new funding to fuel the company’s next phase of global growth.

The Series B follow-on round was led by Accel and include existing investors GV (previously Google Ventures) and Boldstart Ventures.

Founded in 2015, Snyk pitches itself as a developer-first security company that helps organizations use open-source software while staying secure. The company’s platform continually looks for, identifies and fixes known vulnerabilities and license violations in open source dependencies.

The service integrates into existing developer workflows, including integration with source control services such as GitHub and BitBucket, to monitor platforms as a service continuously as well as serverless apps in production.

Since its last round of funding in March 2018. Snyk has grown its global user community past 300,000 developers. Meanwhile, its customer base has tripled in 2019 alone and its staff has grown sevenfold in the last 18 months, though it didn’t reveal absolute numbers on either of those.

Major customers include Google LLC, Microsoft Corp., Salesforce Inc., MongoDB Inc., Adobe Systems Inc. and Skyscanner Inc.

“Increasingly, enterprises around the world understand that the combination of DevOps adoption and growing security awareness are driving the security industry to urgently adapt in order to keep up,” Guy Podjarny, founder and president at Snyk, said in a statement. “Snyk was founded on the belief that developers will embrace security given the right solution. Four years later, we’ve seen that vision become reality, with hundreds of thousands of developers using our solutions to secure their containers and applications. ”

In an interview with SiliconANGLE’s theCUBE in August 2017 (below), Podjarny explained that oftentimes developers are not aware of just how much dependency there is on risky outside software packages.

“Snyk deals with open-source security, specifically in Node.js in the world of NPM,” he said, referring to Node Package Manager. “NPM is amazing and allows us to build on the shoulders of giants. But there are some inherent security risks with just pulling code off the internet and running it in your application.”

Including the new funding, Synk has raised $102 million to date.

Image: Snyk

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