Snyk

Snyk is a Boston-based startup cybersecurity company specializing in cloud computing. It was founded in 2015[1] out of London and Tel Aviv[2] with headquarters in Boston.[3]

History

Snyk was founded in 2015 by Guy Podjarny (גיא פודחרני), Assaf Hefetz (אסף חפץ), and Danny Grander, (ודני גרנדר)[3] coming from Unit 8200, a SIGINT unit of the Israel Defense Forces.[4][5] Initially Guy Podjarny was the CEO, but in July 2019 the post of CEO was given to Peter McKay, one of the first investors, while Podjarny has become president and chairman of the Board of Directors. At this moment the company had 150 employees.[6] Headquartered in Boston, it also has offices in Tel Aviv, Ottawa, Zurich and London.[7][8]

It was classified as a "Visionary" by Gartner for application security testing. (In Gartner's classification, Visionaries are "AST vendors with a strong vision that addresses the evolving needs of the market".)[9] In 2020, it was listed as 39th in the Forbes Cloud 100.[10]

Acquisitions

Snyk has acquired a number of companies including DeepCode, Manifold, FossID[11] and CloudSkiff.[12][13]

DeepCode provided what became Snyk Code, a product for static application security testing. Snyk Code is a cloud-based, AI-powered code review platform that checks, tests, and debugs code. It uses machine learning to check for mistakes in code. The platform currently supports Java, JavaScript, Python, and TypeScript.[14][15]

FossID brought in its expertise in scanning and looking for vulnerabilities in C/C++ applications, as well as the capability to identify pieces of code copied from the internet, e.g., from stackoverflow, which could contain vulnerabilities.[9]

CloudSkiff was known for its open source tool for drift detection (detection of changes in the outside environment which may invalidate software infrastructure configuration, database setup, etc.)[12]

Financing history

In 2016 the company initially raised $3 million. In March 2018, its Series A funding was $7 million.[16] In late 2019 it raised $70 million and further $150 million in January 2020.[5] In September 2021 a series F funding round valued the company at $8.5 billion.[11][17] This came 6 months after a valuation of $4.7 billion.[18][19]

In December 2021 Bloomberg reported the insider news that Snyk was preparing for the IPO in 2022 (Snyk declined to comment).[4][20]

Products

The company’s security products help software developers find weaknesses, violations and vulnerabilities in their code.[21] The company’s vulnerability database records security issues found in open-source software libraries, and corrects the code.[22][23][24] Security vulnerabilities are identified and addressed during the development process, before the software product is in use.[25][26]

References
  1. "Snyk bags another $200M at $2.6B valuation 9 months after last raise". Techcrunch. Retrieved 6 December 2021.
  2. "Cloud security shifting to 'dev' not 'ops,' Snyk says". VentureBeat. Retrieved 2 December 2021.
  3. "Snyk". CNBC. Retrieved 2 December 2021.
  4. "THE ISRAELI CYBER COMPANY SNYK IS PREPARING FOR AN INITIAL PUBLIC OFFERING", Israel Financial Insider, January 1, 2022
  5. "Israeli cybersecurity co Snyk raises $150m", Globes, January 21, 2020
  6. Ron Miller, "Snyk brings in new CEO to help lead future expansion", TechCrunch, July 17, 2019
  7. "Cybersecurity co Snyk raises $300m at $8.5b valuation". Globes. Retrieved 2 December 2021.
  8. "One Team: An Interview with Snyk CEO Peter McKay". Comparably. Retrieved 6 December 2021.
  9. Winston Thomas (3 September 2021). "Why we need reimagine security cloud native". CDO Trends. Retrieved 6 December 2021.
  10. "The Cloud 100". Forbes. Retrieved 2 December 2021.
  11. "Open source security scanning platform Snyk raises $300M". VentureBeat. Retrieved 2 December 2021.
  12. "Snyk Agrees to Acquire CloudSkiff, Creators of driftctl". Dark Reading. Retrieved 2 December 2021.
  13. "Snyk Buys CloudSkiff as $600M Burns Holes in Its Pockets". SDX Central. Retrieved 2 December 2021.
  14. Krill, Paul (2019-10-25). "DeepCode taps AI for code reviews". InfoWorld. Retrieved 2021-09-07.
  15. "ETH AI spin-off DeepCode acquired by a unicorn in cybersecurity". ethz.ch. Retrieved 2021-09-07.
  16. "Snyk snares $7 million investment to help developers secure open source code". TechCrunch. Retrieved 2 December 2021.
  17. "Snyk Says $8.5B Valuation 'Validates Developer-Security Vision'". SDX Central. Retrieved 2 December 2021.
  18. "Snyk bags another $200M at $2.6B valuation 9 months after last raise". TechCrunch. Retrieved 6 December 2021.
  19. "Snyk raises $300 million at a $4.7 billion valuation as employees cash in and the security company beefs up". TechCrunch. Retrieved 2 December 2021.
  20. Catie Roof, "Cybersecurity Startup Snyk Is Said to Plan 2022 IPO", Bloomberg, December 23, 2021
  21. "Cybersecurity co Snyk raises $300m at $8.5b valuation". Globes. Retrieved 2 December 2021.
  22. "Snyk: 50% of security jobs unfilled… any solution predicated on devs 'becoming security experts is doomed'". The Register. Retrieved 6 December 2021.
  23. "Snyk's Skyrocketing Valuation Reflects Growing Interest in Late-Stage Enterprise Businesses". Wall St Journal. Retrieved 6 December 2021.
  24. "UK-founded security unicorn snags $75M for digital transformation". UKTN. Retrieved 6 December 2021.
  25. "Snyk takes application security to the developer's doorstep". Silicon Angle. Retrieved 6 December 2021.
  26. "Local cybersecurity startup Snyk attracts $530 million in new cash". Boston Globe. Retrieved 6 December 2021.
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