Snyk, a software security company based in London and Boston, confirmed that it raised $150 million in a Series C investment round. This round was led by a New York-based equity firm, Stripes. The news comes on the back of a $70 million funding round in September 2019. The latest round brings the company’s cumulative financing raised to $250 million. Additionally, the company announced its valuation surpassed $1 billion with this latest investment.
Software is increasingly becoming an integral component of business for many organizations. These developments now push many firms to become tech companies. However, creating software carries liabilities, including opening the firms to digital breaches or attacks.
The stakes may not be too high, but companies need to ensure that their software is secure. Hence, Snyk aims to guarantee software is safe right from its launch. It has created tools to discover and fix vulnerabilities at the developer level. This strategy ensures that software achieves viable security standards while progressing from source code to production.
At least 400,000 developers use the company’s tools for cloud-based applications, container security, open-source code, and much more. These developers include the engineering team at Intuit. A senior software engineer at Intuit, David Aghassi, said:
“At Intuit, we move fast and efficiently, but we have to address security at every step. Using Snyk helps us monitor and fix open source dependencies and ensure we always have security integrated into our application development process.”
Snyk signed Intuit in 2019 and other significant clients like Salesforce, Google, and New Relic. Last year was successful for the firm consisting of 4X year-over-year revenue growth for Snyk. According to an official statement from Snyk CEO Peter McKay, the latest investment will accelerate community growth, product innovation, and global expansion.