Open Source Vulnerabilities Hunter Snyk Raises $7 Million
Snyk develops software that aims to help developers detect and fix vulnerabilities in third-party open source code modules
Tel Aviv-based cybersecurity startup Snyk Ltd. announced on Tuesday a $7 million Series A funding round led by New York-based venture capital firm Boldstart Ventures and Menlo Park, California-headquartered firm Canaan Partners. Additional investors include Heavybit Inc., FundFire, and Peter McKay, co-CEO, and president of Veeam Software. To date, Snyk raised $10 million in equity.
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As part of this funding round, Mr. McKay will join Snyk’s board of directors.
Peter McKay, co-CEO of Veem. Photo: PR Founded in 2015, Snyk develops and markets software that aims to help developers detect and fix vulnerabilities in third-party code modules. Snyk reports over 120,000 users and 350,000 downloads per month. The company employs a 30-person team in its offices in Tel Aviv, London, and the U.S.
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"Open source software powers most of the Fortune 500 applications today. Securing these open source packages during the development cycle becomes paramount, especially with the movement towards a more agile and continuous release cycle,” Ed Sim, founder and managing partner of Boldstart Ventures, said in a statement.
“Security controls must adapt to the new pace open source and cloud dictate,” Guy Podjarny, CEO, and co-founder of Snyk, said in a statement. “Failing to do so is what led to the recent breaches at Equifax, Uber, and the Tesla cloud breach.”
