Israeli open source security platform Snyk today announced it has completed a $22 million Series B financing round led by Accel, with participation from GV and existing investors Boldstart Ventures, Heavybit and others. This follows a $7 million Series A financing round in March. The company has raised $32 million to date.
Snyk has developed a solution for addressing vulnerabilities in open source libraries. With offices in Tel Aviv, London and Boston, the company was founded by CEO Guy Podjarny, CTO Assaf Hefetz and security executive Danny Grander. The company has reported 500% revenue growth in the first nine months of 2018 and has 150,000 users, and over 200 paying customers including ASOS, Digital Ocean, and Skyscanner.
Snyk helps organisations use open source code and stay secure. Developers use Snyk to find and block vulnerable and malicious OSS components, building on a comprehensive database maintained by Snyk’s security research team. Snyk’s solution goes further and automatically fixes the discovered issues, patching over 580,000 vulnerabilities each month, and continuously protecting over 140,000 projects.
With this funding, Snyk will expand from fixing vulnerable OSS components to protecting them in runtime. Today’s applications run these components blindly, implicitly trusting the thousands of authors maintaining them. While most maintainers mean well, recent news clearly demonstrates that some may be compromised, insecure, or outright malicious. Snyk’s upcoming offerings will help organisations regain control and visibility when running these open source libraries.
Podjamy said, “Our mission is to fix open source security, and that can only be done from within the open source community. This investment is a humbling validation of the impact that security-conscious developers have, and lets us expand open source security into runtime while continuing to serve these amazing users.”
Accel partner Philippe Botteri will be joining the Board as part of the round. He said, “Some of the largest data breaches in recent years were the result of unfixed vulnerabilities in open source dependencies; as a result, we’ve seen the adoption of tools to monitor and remediate such vulnerabilities grow exponentially. We’ve also seen the ownership of application security shifting towards developers. We feel that Snyk is uniquely positioned in the market given the team’s deep security domain knowledge and developer-centric mindset, and are thrilled to join them on this mission of bringing security tools to developers.”
Published by Globes [online], Israel business news - www.globes-online.com - on September 25, 2018
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