Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

Snyk is Latest Cybersecurity Unicorn After Adding $150 Million in Funding

Developer-focused cybersecurity solutions provider Snyk today announced a $150 million funding round, at a valuation of more than $1 billion, earning the company “unicorn” status. 

Developer-focused cybersecurity solutions provider Snyk today announced a $150 million funding round, at a valuation of more than $1 billion, earning the company “unicorn” status. 

Snyk, which helps software developers discover and patch vulnerabilities in open source libraries and containers, has raised $250 million to date, including a $70 million investment round in September 2019. 

In 2019, Snyk says its revenue jumped fourfold year-over-year, and added customers such as Google, Salesforce, Intuit, and New Relic. 

With more than 400,000 developers around the world said to be using its tools, the company says it will use the funds to accelerate product innovation, community growth, and global expansion. 

By offering security and compliance from source code to production, the security company aims to empower development teams to deliver secure applications and provide security teams with much-needed governance and visibility.

In this funding round, Snyk received investment from firms including Stripes, Accel, Coatue, Tiger Global, Boldstart, GV, Canaan, Trend Forward, Amity, and Salesforce Ventures. 

“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. 

Snyk isn’t along in gaining unicorn status this month. In early January, investment firm Insight Partners agreed to acquire IoT security firm Armis in a cash deal valuing the firm at $1.1 billion.

Advertisement. Scroll to continue reading.
Written By

Ionut Arghire is an international correspondent for SecurityWeek.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Discover strategies for vendor selection, integration to minimize redundancies, and maximizing ROI from your cybersecurity investments. Gain actionable insights to ensure your stack is ready for tomorrow’s challenges.

Register

Dive into critical topics such as incident response, threat intelligence, and attack surface management. Learn how to align cyber resilience plans with business objectives to reduce potential impacts and secure your organization in an ever-evolving threat landscape.

Register

People on the Move

Gigamon has promoted Tony Jarjoura to CFO and Ram Bhide has been hired as Senior VP of engineering.

Cloud security firm Mitiga has appointed Charlie Thomas as Chief Executive Officer.

Cynet announced the appointment of Jason Magee as Chief Executive Officer.

More People On The Move

Expert Insights

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest cybersecurity news, threats, and expert insights. Unsubscribe at any time.