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Organizations across all sectors are under the effect of the digital drive. Even as these companies barrel towards a digital future using cloud technologies and DevOps practices, they are held back by legacy application security solutions and methods.
FREMONT, CA: Developer-first security firm Snyk raised USD 150 million in a Series funding round led by New York-based growth equity firm Stripes. The latest round of funding follows a USD 70 million round in late 2019. To date, the company has raised USD 250 million in funding, taking the company's valuation to over USD 1 billion. The funding round also saw participation from Accel, Coatue, Tiger Global, Boldstart, GV, Canaan, Trend Forward, Amity, and Salesforce Ventures. The new capital will be used to accelerate product innovation, community growth, and global expansion, bringing developer-first security to every digitally-driven organization, scaling application security to the pace of the cloud and DevOps era.
"This investment accelerates Snyk's significant momentum in transforming the way application security is approached and delivered in software-driven enterprise organizations," said Peter McKay, Snyk CEO. "With rapid 2019 revenue and customer growth from both individual users and scaling development teams, we are seeing the market embrace developer-first application security to help tackle the increasing cybersecurity concerns that come with digital transformation."
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Organizations across all sectors are under the effect of the digital drive. Even as these companies barrel towards a digital future using cloud technologies and DevOps practices, they are held back by legacy application security solutions and methods. The currently used solutions put understaffed security teams in the critical path of delivering quality applications, which results in insecure applications negating the acceleration the business is seeking.
This growing challenge is being tackled by Snyk using developer-first security to organizations, empowering development teams to own, automate, and deliver secure applications, while giving security teams the governance and visibility they require. The company steps beyond shifting security left, offering continuous security and compliance from source code to production and back again.
"Investing in promising companies is always exciting, but it's especially thrilling to be part of a company that is making history," said Ken Fox, Founder, and Partner at Stripes, who will be joining Snyk's Board of Directors. "Snyk's unique product-led and mission-driven approach will turn the tide by empowering developers to be the first line of defense against growing cyber risk and helps businesses worldwide meet the digital needs of their customers. We look forward to partnering with the entire Snyk team to drive the next phase of the company's success in 2020 and beyond."
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