Snyk

Snyk is a Boston-based cybersecurity company specializing in cloud computing. It was founded in 2015[2] out of London and Tel Aviv[3] with headquarters in Boston.[4]

Snyk Ltd.
TypePrivate
IndustryComputer security
Founded2015 (2015)
Founders
  • Guy Podjarny
  • Danny Grander
Headquarters
Boston, Massachusetts
,
U.S.
Key people
Peter McKay (CEO)
Number of employees
1,400 (2022)[1]
Websitesnyk.io

History

Snyk was founded in 2015 by Guy Podjarny (גיא פודחרני), Assaf Hefetz (אסף חפץ), and Danny Grander, (דני גרנדר)[4] coming from Unit 8200, a SIGINT unit of the Israel Defense Forces.[5][6] Podjarny was initially the CEO, but in July 2019, he was succeeded by Peter McKay, one of the first investors. Meanwhile, Podjarny became president and chairman of the Board of Directors. As of 2022, the company has approximately 1,400 employees.[1] Headquartered in Boston, it also has offices in Tel Aviv, Ottawa, Zurich and London.[7][8]

In 2020, it was listed as 39th in the Forbes Cloud 100.[9]

Acquisitions

Snyk has acquired a number of companies including DeepCode, Manifold, FossID[10] and CloudSkiff.[11][12]

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.[13][14]

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.[15]

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.).[11]

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 a further $150 million in January 2020.[6] In September 2021, a Series F funding round valued the company at $8.5 billion.[10][17] This came six months after a valuation of $4.7 billion.[18][19] Qatar Investment Authority led the next funding round in December 2022, with Snyk raising close to $200 million.[20]

In December 2021, Bloomberg reported that Snyk was preparing for an IPO in 2022.[5][21]

Products

The company's security products are designed to help software developers find weaknesses, violations, and vulnerabilities in their code.[22] The company's vulnerability database records security issues found in open-source software libraries, and corrects the code.[23][24][25] Security vulnerabilities are identified and addressed during the development process, before the software product is in use.[26][27]

References
  1. Gilead, Assaf (October 24, 2022). "Cybersecurity co Snyk lays off 14% of workforce". Globes.
  2. "Snyk bags another $200M at $2.6B valuation 9 months after last raise". Techcrunch. September 9, 2020. Retrieved December 6, 2021.
  3. "Cloud security shifting to 'dev' not 'ops,' Snyk says". VentureBeat. November 24, 2021. Retrieved December 2, 2021.
  4. "Snyk". CNBC. May 25, 2021. Retrieved December 2, 2021.
  5. "THE ISRAELI CYBER COMPANY SNYK IS PREPARING FOR AN INITIAL PUBLIC OFFERING", Israel Financial Insider, January 1, 2022
  6. "Israeli cybersecurity co Snyk raises $150m", Globes, January 21, 2020
  7. "Cybersecurity co Snyk raises $300m at $8.5b valuation". Globes. September 9, 2021. Retrieved December 2, 2021.
  8. "One Team: An Interview with Snyk CEO Peter McKay". Comparably. Retrieved December 6, 2021.
  9. "The Cloud 100". Forbes. Retrieved December 2, 2021.
  10. "Open source security scanning platform Snyk raises $300M". VentureBeat. September 9, 2021. Retrieved December 2, 2021.
  11. "Snyk Agrees to Acquire CloudSkiff, Creators of driftctl". Dark Reading. October 29, 2021. Retrieved December 2, 2021.
  12. "Snyk Buys CloudSkiff as $600M Burns Holes in Its Pockets". SDX Central. Retrieved December 2, 2021.
  13. Krill, Paul (October 25, 2019). "DeepCode taps AI for code reviews". InfoWorld. Retrieved September 7, 2021.
  14. "ETH AI spin-off DeepCode acquired by a unicorn in cybersecurity". ethz.ch. September 23, 2020. Retrieved September 7, 2021.
  15. Winston Thomas (September 3, 2021). "Why we need reimagine security cloud native". CDO Trends. Retrieved December 6, 2021.
  16. "Snyk snares $7 million investment to help developers secure open source code". TechCrunch. March 6, 2018. Retrieved December 2, 2021.
  17. "Snyk Says $8.5B Valuation 'Validates Developer-Security Vision'". SDX Central. Retrieved December 2, 2021.
  18. "Snyk bags another $200M at $2.6B valuation 9 months after last raise". TechCrunch. September 9, 2020. Retrieved December 6, 2021.
  19. "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.
  20. Primack, Dan (December 13, 2022). "Security startup Snyk raises big money at smaller valuation". Axios.
  21. Catie Roof, "Cybersecurity Startup Snyk Is Said to Plan 2022 IPO", Bloomberg, December 23, 2021
  22. "Cybersecurity co Snyk raises $300m at $8.5b valuation". Globes. September 9, 2021. Retrieved December 2, 2021.
  23. "Snyk: 50% of security jobs unfilled… any solution predicated on devs 'becoming security experts is doomed'". The Register. Retrieved December 6, 2021.
  24. 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.
  25. "UK-founded security unicorn snags $75M for digital transformation". UKTN. October 2021. Retrieved December 6, 2021.
  26. "Snyk takes application security to the developer's doorstep". Silicon Angle. December 2021. Retrieved December 6, 2021.
  27. "Local cybersecurity startup Snyk attracts $530 million in new cash". Boston Globe. Retrieved December 6, 2021.
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