Israeli cybersecurity company Snyk raises $7m

Cyber security Photo: Shutterstock
Cyber security Photo: Shutterstock

Snyk has developed a solution for addressing vulnerabilities in open source libraries.

Israeli cybersecurity company Snyk has announced closing a $7 million Series A financing round led by Boldstart Ventures and Canaan Partners and with the participation of Heavybit, FundFire, and Peter McKay, among others. The company has raised $10 million to date.

Snyk has developed a solution for addressing vulnerabilities in open source libraries. With offices in Tel Aviv and London, the company was founded by CEO Guy Podjarny, CTO Assaf Hefetz and security executive Danny Grander. As part of this funding round, industry veteran Peter McKay, Co-CEO of Veeam, will join Snyk's board of directors.

The new funding will allow Snyk to deploy additional product offerings that improve the secure usage of open source for developers. Snyk aims to continue leading the adoption of DevSecOps and scale beyond the 20 languages and platforms it currently supports, while maintaining its deep understanding of each ecosystem.

"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 Ventures. "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."

With over 120,000 developers using the platform, 100,000 projects protected, 350,000 downloads per month, and notable partnerships with Heroku, JFrog and Microsoft Sonar, Snyk has proven it can get developers to fully adopt a security solution, and the importance of having the strongest database of known vulnerabilities in open source.

Podjarny said, "Security controls must adapt to the new pace open source and cloud dictate. Failing to do so is what led to the recent breaches at Equifax, Uber, and the Tesla cloud breach. We're relying on strangers' code to run the most sensitive aspect of our business, and do so at neck-breaking speed. Traditional security solutions simply cannot keep up."

Snyk helps companies use open source code and stay secure. The platform seamlessly and proactively fixes found issues, and relies on its extensive proprietary vulnerability database, maintained by its security research team in Israel.

Published by Globes [online], Israel business news - - on March 6, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Cyber security Photo: Shutterstock
Cyber security Photo: Shutterstock
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