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Snyk Wins $7M Backing

March 6, 2018

Snyk, a solution for addressing vulnerabilities in open source libraries has closed a $7 million Series A round of funding led by Boldstart Ventures and Canaan Partners. Additional investors include Heavybit, FundFire, and Peter McKay, among others.

The Series A round brings total funding to date to $10 million, enabling Snyk to deploy additional product offerings that improve the secure usage of open source for developers. Snyk aims to continue leading the adoption of DevSecOps and scale beyond the 20 languages and platforms it currently supports, while maintaining its deep understanding of each ecosystem. As part of this funding round, industry veteran Peter McKay, Co-CEO of Veeam, will join Snyk's board of directors.

"Open source software powers most of the Fortune 500 applications today. Securing these open source packages during the development cycle becomes paramount, especially with the movement towards a more agile and continuous release cycle," said Ed Sim, Founder and Managing Partner of Boldstart Ventures. "The team at Snyk has developed an amazing solution that not only helps developers deploy at speed but also securely and in their natural workflow. Our investment in Snyk will help them meet their overwhelming incoming customer demand and accelerate their delivery of new capabilities."

With over 120,000 developers using the platform, 100,000 projects protected, 350,000 downloads per month, and notable partnerships with Heroku, JFrog and Microsoft Sonar, Snyk has proven it can get developers to fully adopt a security solution, and the importance of having the strongest database of known vulnerabilities in open source.

"Security controls must adapt to the new pace open source and cloud dictate. Failing to do so is what led to the recent breaches at Equifax, Uber, and the Tesla cloud breach. We're relying on strangers' code to run the most sensitive aspect of our business, and do so at neck-breaking speed," said Guy Podjarny, CEO and co-founder of Snyk Ltd. and author of "Securing Open Source Libraries." "Traditional security solutions simply cannot keep up," he added.

Snyk helps companies use open source code and stay secure. The platform is the only solution that seamlessly and proactively fixes found issues, and relies on its extensive proprietary vulnerability database, maintained by its security research team in Israel.

"The only way to secure open source at scale is for DevOps teams to own this problem, and yet security tools have repeatedly failed to engage these developers," said James Lindenbaum, Founder of Heavybit. "Snyk's developer-first focus allowed them to break through to the dev community, where it is quickly becoming a standard in the modern toolchain. This is the first security solution that truly understands developers, and is widely adopted and embraced by them."

Current customers, including Auth0, Digital Ocean, and Skyscanner, stand to benefit significantly through Snyk's latest round of funding, as the company further expands its offerings. Recently, the company joined the Cloud Foundry Foundation, alongside Dell EMC, IBM, Pivotal and other enterprise cloud giants.

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