Open source security scanning platform Snyk raises $300M

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Snyk, a security scanning platform used by developers at companies such as Google, Salesforce, Intuit and Atlassian, today announced a $ 530 million F-series investment round, valuing the company at $ 8.5 billion. The transaction included both primary and secondary investments, meaning that Snyk only raised about $ 300 million in fresh equity, with the rest involving investors purchasing existing shares.

Snyk’s SaaS platform helps developers identify vulnerabilities and license violations in their open source Kubernetes code bases, containers, and applications. By connecting their code repository, be it GitHub, GitLab, or Bitbucket, Snyk clients gain access to a giant vulnerability database, which allows Snyk to provide a description of the problem, point out where the flaw is in the code, and it even suggests a repair.

It is notable that Snyk directs his security intelligence to developers rather than security teams, as it means that he is looking to detect problems not just before they enter the live codebase, but in real time as the codes developer.

“Just moving to the left [testing early in the software development process] it is no longer enough, and security must now be fully owned by developers so they are equipped to address security issues in real time as they arise, ”said Snyk co-founder and president Guy Podjarny. “Our approach makes security easy, so modern developers are poised for true success, securing what they build without having to become a security expert or slow down.”

Above: Snyk in action

The problem

Most modern software is based to some degree on open source components, saving companies considerable resources in terms of having to build and maintain everything in-house. But reports suggest that 84% of commercial code bases contain at least one open source vulnerability, opening the software supply chain to a myriad of external threats. Therefore, the business of protecting open source software is growing. Earlier this year, Snyk’s rival WhiteSource raised $ 75 million to harden its open source security management and compliance platform, used by companies like Microsoft and IBM.

For Snyk, it’s also been a busy twelve months. The Boston-based company, which was initially founded in London and Tel Aviv in 2015, has now raised $ 775 million since its inception, this includes a $ 150 million tranche last year which was followed by a $ 300 million cash injection in March which valued the company at $ 4.7 billion. This means that Snyk’s perceived value has nearly doubled in the space of six months.

On top of that, Snyk has been on some kind of purchasing spree, to take advantage of Powered by AI semantic code analysis platform Deepcode; Manifold; and, more recently, FossID, a software composition analysis tool for open source code. And in May, Snyk found a powerful ally in the form of cybersecurity giant Trend Micro, which launched a new product together with Snyk to provide security teams with “continuous information” on open source vulnerabilities and compliance risks.

Snyk’s latest round of funding was co-led by Tiger Global and Sands Capital, with the participation of a host of high-profile investors, including BlackRock, Accel, Salesforce Ventures, Atlassian Ventures and Coatue.

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