- Snyk offers solutions to detect security vulnerabilities in open source code and containers
- The company’s revenue exceeds 4x growth this year
- The new funding will be used to fuel the company’s global expansion.
Snyk — a London and Boston-based company that develops security solutions for developers working on open source code —has raised $70 million in a funding round led by Accel, with participation from existing investors GV and Boldstart Ventures.
Last September, the company raised $22 million, bringing the company valuation to $100 million, according to Techcrunch.
A source close to the startup told the daily that the company’s revenue has grown fourfold over the past year and now stands in the range of $500 million.
The fresh funding will be using to continue expanding its capabilities and overall business. The company has recently started building security solutions to help developers identify and fix vulnerabilities around containers, a standard unit of software used to package up and run code across different computing environments.
“This investment helps us continue to bring Snyk’s product-led and developer-focused solutions to more companies across the globe, helping them stay secure as they embrace digital innovation – without slowing down,” said the company’s CEO Peter McKay.
Open source services market
The global open source services market is expected to grow to $32.95 billion by 2022 (CAGR). This rapid adoption, plus the explosion in the use of new development methodologies such as containers, are bringing new vulnerabilities to the fore.
Gartner predicts that by 2022, more than 75 percent of global organisations will be running containerized applications in production – a significant increase from fewer than 30 percent today. In a recent report, Snyk found that 44 percent of Docker image scans had known vulnerabilities.
Guy Podjarny, Assaf Hefetz and Danny Grander – all graduates of the IDF 8200 intelligence unit – founded Snyk in 2015.
The company has 170 employees, 60 of them in its Tel Aviv development center. Snyk also has offices in New York and London. The company plans doubling its headquarters staff and hiring new sales and development staff over the next 18 months.