Written byZaid Shoorbajee
Snyk, a London-based startup that provides security for open source libraries, has raised $7 million in its Series A funding round, the company announced on Tuesday.
The company bills itself as a “developer-first security solution that helps you use open source code and stay secure.” Snyk runs a vulnerability database that it uses to protect its customers who use open source code.
“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,” said Guy Podjarny, Snyk’s CEO and co-founder. “Traditional security solutions simply cannot keep up.”
Snyk says it will use leverage the new funding to “deploy additional product offerings that improve the secure usage of open source for developers.” The company boasts 120,000 developers on its platform with 100,000 projects protected and 350,000 downloads per month. Customers include cloud provider Digital Ocean and travel fare aggregator Skyscanner.
The funding round was led by Boldstart Ventures and Canaan Partners, with additional funding from Heavybit, FundFire and Veeam c0-CEO Peter McKay. McKay will join Snyk’s board of directors as part of the funding round.
Snyk says its total funding is now up to $10 million.
“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. “Our investment in Snyk will help them meet their overwhelming incoming customer demand and accelerate their delivery of new capabilities.”