London-based startup Snyk has raised $22m to detect security vulnerabilities and plug the growing security holes in open source systems.
The Series B round, which was led by Accel, and featured participation from GV, Boldstart Ventures and Heavybit, comes just seven months after the company raised $7m. The new round brings Snyk’s total funding to date to $32m.
With offices in Tel Aviv, London and Boston, the company was founded by CEO Guy Podjarny, CTO Assaf Hefetz and security executive Danny Grander.
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.”
Founded in 2015, the company is open source code and security platform. Snyk, which is built by developers and security researchers, claims to enable users to find, and more importantly fix known vulnerabilities in their open source.
The company 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. It claims its software is used to patch over 580,000 vulnerabilities each month, with customers including ASOS, Skyscanner and Auth0, among others.
The funding will be used to expand its service to include real-time protection from vulnerable open source components, as well as to scale its business across new ecosystems.
Accel partner Philippe Botteri, who will be joining the board as part of the round, added: “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.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
