Snyk, a solution for addressing vulnerabilities in open source libraries, has closed a $7m Series A round of funding.
The round was led by Boldstart Ventures and Canaan Partners with participation from Heavybit, FundFire, and Peter McKay, among others. As part of the funding round, industry veteran Peter McKay, Co-CEO of Veeam, will join Snyk’s board of directors.
Headquartered in London, Snyk helps companies use open source code and stay secure. The platform claims to be 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.
Its solution continuously finds and fixes known vulnerabilities and license violations in open source dependencies. Snyk integrates into the developer workflow, integrating with source control (e.g. GitHub, BitBucket, GitLab), hooking into CI/CD pipelines and continuously monitoring PaaS and Serverless apps in production.
Users can use its open source to stay compliant, by discovering which licenses are being used with a particular project, how many projects use a particular license and how many dependencies use a particular license.
“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. “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.”
The company was founded by CEO Guy Podjarny, CTO Assaf Hefetz and security executive Danny Grander. It plan to use the new funding to deploy additional product offerings that improve the secure usage of open source for developers.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
