Today (Wednesday), Israeli startup Snyk, which develops open-source technologies for securing databases from within the development process, announced a $200 million mega-funding round, which is based on an over $2 billion valuation. The investment was led by Addition Capital. It was just this past January that Snyk raised $150 million, which entered the company into the prestigious Unicorn club with a $1 billion valuation. To date, the company has raised almost $450 million.
Doubled its value in less than a year
In the past, the open-source software marketplace was primarily dominated by 5 components, like Apache. Today though, various marketplaces offer over 200,000 open-source code bundles for developers. Snyk’s unique technology allows developers to test drive their bundle of choice, before actually using it. Snyk’s system notes weaknesses in a software bundle’s code if any exist; furthermore, the system scans through the code before production, meaning before it’s open to the general public.
If a problem is found, Snyk’s system implements a relevant security update for the software. In order to detect weaknesses, the company uses open-source databases and its own unique code scan, which brings up problematic code from around the web. Currently, over 300,000 developers use the platform, and according to the company over 200 paying customers enjoy the software security platform, including leading market players like Google, Microsoft, Salesforce, and ASOS.
CEO Peter McKay tells that company saw revenue shoot up 275% over the last year, while in parallel doubling its workforce. He also noted that the COVID-19 pandemic outbreak had increased demand for the company’s products.
Snyk was founded in 2015 by three former specialists from the elite 8200 technological unit of the Israeli military: Company President Guy Podjarny, who previously founded and sold Blaze to Akamai; Danny Grander, former CTO at Gita Technologies; and CTO Assaf Hefetz, who led innovation at SuperCom. In July, the company hired a new CEO to replace Podjarny, Peter McKay, who was one of Snyk’s first investors.