Snyk, a cybersecurity platform that helps developers find vulnerabilities in their open source applications, raised $ 150 million in a round of financing sponsored by the New York-based private equity firm Stripes Participation of Salesforce Ventures, Coatue, Tiger Global, BoldStart, Trend Forward and Amity.
This increases Snyk's total funding to $ 250 million from supporters such as Alphabet & # 39; s GV and Accel, including a $ 22 million Series B round in 2018 and a follow-up round a few months ago for $ 70 million. A Snyk spokesman said the company is now valued at more than $ 1 billion, at least double the $ 500 million it had in September.
London-based company Snyk is aimed at developers ̵
It is worth noting that Snyk monitors the source code before, during and after an app is shipped. "During development, Snyk prevents vulnerabilities from reaching production and helps fix the bugs," Snyk co-founder and President Guy Podjarny told VentureBeat. "Snyk continuously monitors applications and warns when a newly discovered vulnerability affects customers."
Automation for people
AI, machine learning (ML), and automation all play a role Role Increasing role in cybersecurity – BlackBerry only committed $ 1.4 billion last year to take over the AI-based security platform Cylance, while Crowdstrike has gained a foothold in public markets and now has a market cap of more than 12 Billions of dollars claimed. Shape Security has also recently entered the coveted unicorn fraternity and is preparing its own IPO worth over $ 1 billion.
With this in mind, Snyk tries to conquer his niche, focusing on the use of AI and and ML to directly support development teams. The company's data science focuses on two key areas: vulnerability intelligence and developer insights. For the latter, the Snyk platform observes how users use container and application dependencies – for example, when they roll back and when they upgrade – and uses this knowledge to improve the automated fixes. With vulnerability information, it's a similar idea because it's all about monitoring what's happening and learning from developer activity.
“With vulnerability information, we use machine learning to continually improve our ability to determine if a source code comment is available. A vulnerability was discussed in a forum post or social chatter, and the data was shared with our analysts for review and inclusion in our vulnerability database, ”said Podjarny. "This helps us to find vulnerabilities before they are logged anywhere – if this happens at all – and to provide them with information, such as whether exploits are in the wild."
Given the much-discussed cybersecurity due Due to the skills shortage, Snyk may be an attractive proposition for businesses as it essentially serves as an additional, automated line of defense, helping developers quickly prioritize more serious mistakes. In addition, part of the work that cybersecurity personnel may otherwise have to do.
"At Snyk, security teams provide guidance, guidelines, and expertise, but most of the work is done by the development teams themselves," continued Podjarny. "This is a key part of our view of dev-first security: security teams, DevOps-oriented are becoming a center of excellence that develops tools and processes to help developers secure applications at their pace, and we believe that this is the only way to really scale security To fix the lack of security talent and improve the security status of your applications. "
Ultimately, Snyk wants to take advantage of the growing appetite for automated security smarts. The company already claims around 400,000 developer users worldwide, including well-known companies such as Google, Uber, Salesforce and Intuit, with another $ 150 million in the ban k is now well positioned to double its product development and global expansion.
"This investment accelerates Snyk's significant momentum in transforming the way application security is addressed and delivered in software-driven business organizations," said Snyk CEO Peter McKay For users, as well as scaling development teams, we see that the market includes developer application security to address increasing cyber security concerns associated with digital transformation. ”