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Snyk

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Snyk Limited
Company typePrivate
IndustryComputer security
Founded2015; 9 years ago (2015)
Founders
  • Guy Podjarny
  • Danny Grander
  • Assaf Hefetz
Headquarters
Boston, Massachusetts
,
U.S.
Key people
Peter McKay (CEO)
RevenueIncrease US$220 million (2023)[1]
Negative increase −US$176 million (2023)[1]
Number of employees
1,400 (2022)[2]
Websitesnyk.io

Snyk Limited is a developer-oriented cybersecurity company, specializing in securing custom developed code, open-source dependencies and cloud infrastructure. It was founded in 2015[3] out of London and Tel Aviv[4] and is headquartered in Boston.[5]

History

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Snyk was founded in 2015 by Guy Podjarny (Hebrew: גיא פודחרני), Assaf Hefetz (אסף חפץ), and Danny Grander, (דני גרנדר)[5] coming from Unit 8200, a SIGINT unit of the Israel Defense Forces.[6][7] Podjarny started as CEO.

In July 2019, Peter McKay, one of the first investors, succeeded him, while Podjarny became president and chairman of the Board of Directors.[8]

In 2022, the company had approximately 1,400 employees.[2] It also has offices in Tel Aviv, Ottawa, Zurich and London.[9][10]

Acquisitions

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Snyk acquired 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 Apex, C#, C/C++, Go, Java, JavaScript, Kotlin, PHP, Python, Ruby, Scala, Swift, TypeScript, and Visual Basic (.NET).[14][15] [16]

FossID scans and looks for vulnerabilities in C/C++ applications and offers the capability to identify pieces of code copied from the internet, e.g., from Stackoverflow, which could contain vulnerabilities.[17]

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

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In 2016, the company initially raised $3 million. In March 2018, its Series A funding was $7 million.[18] In late 2019, it raised $70 million and a further $150 million in January 2020.[7] In September 2021, a Series F funding round valued the company at $8.5 billion.[11][19] This came six months after a valuation of $4.7 billion.[20][21] Qatar Investment Authority led the next funding round in December 2022, with Snyk raising close to $200 million.[22]

In December 2021, Bloomberg reported that Snyk was preparing for an IPO in 2022.[6][23]

In January 2023, ServiceNow Inc. invested $25 million in Snyk.[24]

Products

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The company's security products are designed to help software developers find weaknesses, violations, and vulnerabilities in their code.[25] The company's vulnerability database records security issues found in open-source software libraries, and corrects the code.[26][27][28] Security vulnerabilities are identified and addressed during the development process, before the software product is in use.[29][30]

In 2023, Snyk launched an app, Snyk AppRisk, to help developers and teams collaborate with and monitor cybersecurity problems.[31]

References

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  1. ^ a b "Snyk cuts losses by a third, boosts revenue by 50%, as it prepares for IPO". Calcalist. October 6, 2024.
  2. ^ a b Gilead, Assaf (October 24, 2022). "Cybersecurity co Snyk lays off 14% of workforce". Globes.
  3. ^ Miller, Ron (September 9, 2020). "Snyk bags another $200M at $2.6B valuation 9 months after last raise". TechCrunch. Retrieved December 6, 2021.
  4. ^ Alspach, Kyle (November 24, 2021). "Cloud security shifting to 'dev' not 'ops,' Snyk says". VentureBeat. Retrieved December 2, 2021.
  5. ^ a b "15. Snyk". CNBC. May 25, 2021. Retrieved December 2, 2021.
  6. ^ a b "THE ISRAELI CYBER COMPANY SNYK IS PREPARING FOR AN INITIAL PUBLIC OFFERING", Israel Financial Insider, January 1, 2022
  7. ^ a b "Israeli cybersecurity co Snyk raises $150m", Globes, January 21, 2020
  8. ^ Miller, Ron (July 17, 2019). "Snyk brings in new CEO to help lead future expansion". TechCrunch. Retrieved September 4, 2024.
  9. ^ "Cybersecurity co Snyk raises $300m at $8.5b valuation". Globes. September 9, 2021. Retrieved December 2, 2021.
  10. ^ "One Team: An Interview with Snyk CEO Peter McKay". Comparably. Retrieved December 6, 2021.
  11. ^ a b "Open source security scanning platform Snyk raises $300M". VentureBeat. September 9, 2021. Retrieved December 2, 2021.
  12. ^ a b "Snyk Agrees to Acquire CloudSkiff, Creators of driftctl". Dark Reading. October 29, 2021. Retrieved December 2, 2021.
  13. ^ "Snyk Buys CloudSkiff as $600M Burns Holes in Its Pockets". SDX Central. Retrieved December 2, 2021.
  14. ^ "Supported languages, frameworks, and feature availability overview: Code analysis (Snyk Code)". Snyk Documentation. October 16, 2023. Retrieved November 16, 2023.
  15. ^ Krill, Paul (October 25, 2019). "DeepCode taps AI for code reviews". InfoWorld. Retrieved September 7, 2021.
  16. ^ "ETH AI spin-off DeepCode acquired by a unicorn in cybersecurity". ethz.ch. September 23, 2020. Retrieved September 7, 2021.
  17. ^ Winston Thomas (September 3, 2021). "Why we need reimagine security cloud native". CDO Trends. Retrieved December 6, 2021.
  18. ^ "Snyk snares $7 million investment to help developers secure open source code". TechCrunch. March 6, 2018. Retrieved December 2, 2021.
  19. ^ "Snyk Says $8.5B Valuation 'Validates Developer-Security Vision'". SDX Central. Retrieved December 2, 2021.
  20. ^ "Snyk bags another $200M at $2.6B valuation 9 months after last raise". TechCrunch. September 9, 2020. Retrieved December 6, 2021.
  21. ^ "Snyk raises $300 million at a $4.7 billion valuation as employees cash in and the security company beefs up". TechCrunch. March 11, 2021. Retrieved December 2, 2021.
  22. ^ Primack, Dan (December 13, 2022). "Security startup Snyk raises big money at smaller valuation". Axios.
  23. ^ Catie Roof, "Cybersecurity Startup Snyk Is Said to Plan 2022 IPO", Bloomberg, December 23, 2021
  24. ^ Lin, Belle (January 24, 2023). "Cyber Startup Snyk Raises $25 Million From ServiceNow". Wall Street Journal. ISSN 0099-9660. Retrieved December 4, 2023.
  25. ^ "Cybersecurity co Snyk raises $300m at $8.5b valuation". Globes. September 9, 2021. Retrieved December 2, 2021.
  26. ^ "Snyk: 50% of security jobs unfilled… any solution predicated on devs 'becoming security experts is doomed'". The Register. Retrieved December 6, 2021.
  27. ^ Chernova, Yuliya (January 21, 2020). "Snyk's Skyrocketing Valuation Reflects Growing Interest in Late-Stage Enterprise Businesses". Wall Street Journal. Wall St Journal. Retrieved December 6, 2021.
  28. ^ "UK-founded security unicorn snags $75M for digital transformation". UKTN. October 2021. Retrieved December 6, 2021.
  29. ^ "Snyk takes application security to the developer's doorstep". Silicon Angle. December 2021. Retrieved December 6, 2021.
  30. ^ "Local cybersecurity startup Snyk attracts $530 million in new cash". Boston Globe. Retrieved December 6, 2021.
  31. ^ "Snyk unveils new ASPM offering to help DevSecOps manage cloud application risks". CSO Online. Retrieved December 13, 2023.
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