Snyk

Snyk Limited

Company type	Private
Industry	Computer security
Founded	2015; 10 years ago (2015)
Founders	Guy Podjarny Danny Grander Assaf Hefetz
Headquarters	Boston, Massachusetts , U.S.
Key people	Peter McKay (CEO)
Revenue	US$220 million (2023)[1]
Net income	−US$176 million (2023)[1]
Number of employees	1,400 (2022)[2]
Website	snyk.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

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

Snyk acquisitions include:

• DeepCode (Sep-2020),[11] which 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).[12][13][14]
• Manifold (Jan-2021),[15] which was focused on software asset management.[15]
• FossID (May-2021),[16] which provided vulnerability scanning in C/C++ applications and the capability to identify pieces of code copied from the internet, e.g., from Stackoverflow, which could contain vulnerabilities.[17] FossID was reacquired by the founders in Sep-2022 and is refocused on its core principles.[18]
• CloudSkiff (Oct-2021),[19] which 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.).[20]
• Fugue (Feb-2022),[21] which provided cloud security posture management (CSPM) solutions.[22]
• Probely (Nov-2024),[23] a start-up based in Porto, Portugal focused on dynamic application security testing (DAST).[24]

Financing

In 2016, the company initially raised $3 million. In March 2018, its Series A funding was $7 million.[25] In late 2019, it raised $70 million and a further $150 million in January 2020.[7] In September 2021, a $300 million Series F funding round valued the company at $8.5 billion.[26][27] This came six months after a valuation of $4.7 billion.[28][29] Qatar Investment Authority led the next funding round in December 2022, with Snyk raising close to $200 million.[30]

In December 2021, Bloomberg reported that Snyk was preparing for an IPO in 2022.[6][31]

In January 2023, ServiceNow Inc. invested $25 million in Snyk.[32]

Products

The company's security products are designed to help software developers find weaknesses, violations, and vulnerabilities in their code.[33] The company's vulnerability database records security issues found in open-source software libraries, and corrects the code.[34][35][36] Security vulnerabilities are identified and addressed during the development process, before the software product is in use.[37][38]

References

1. "Snyk cuts losses by a third, boosts revenue by 50%, as it prepares for IPO". Calcalist. October 6, 2024.
2. 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. "15. Snyk". CNBC. May 25, 2021. Retrieved December 2, 2021.
6. "THE ISRAELI CYBER COMPANY SNYK IS PREPARING FOR AN INITIAL PUBLIC OFFERING", Israel Financial Insider, January 1, 2022
7. "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. Vizard, Mike (September 23, 2020). "Snyk Acquires DeepCode to Apply AI to DevSecOps". DevOps.com. Retrieved November 12, 2024.
12. "Supported languages, frameworks, and feature availability overview: Code analysis (Snyk Code)". Snyk Documentation. October 16, 2023. Retrieved November 16, 2023.
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. Moreira, Peter (January 27, 2021). "Halifax's Manifold Acquired by Snyk". Entrevestor. Retrieved November 12, 2024.
16. Sawers, Paul (May 21, 2021). "Snyk bolsters open source software security with FossID acquisition". VentureBeat. Retrieved November 12, 2024.
17. Thomas, Winston (September 3, 2021). "Why we need reimagine security cloud native". CDO Trends. Retrieved December 6, 2021.
18. "FossID is Reacquired from Snyk by Original Founders to Renew Focus on Open Source License Compliance Risk". Retrieved November 12, 2024.
19. Hardcastle, Jessica Lyons (November 3, 2021). "Snyk Buys CloudSkiff as $600M Burns Holes in Its Pockets". SDX Central. Retrieved December 2, 2021.
20. "Snyk Agrees to Acquire CloudSkiff, Creators of driftctl". Dark Reading. October 29, 2021. Retrieved December 2, 2021.
21. Ehrlich, Chris (April 4, 2022). "Snyk Acquires Developer Cloud Security Platform Fugue". Datamation. Retrieved November 12, 2024.
22. Alspach, Kyle (February 17, 2022). "Snyk expands into cloud security with acquisition of Fugue". Retrieved November 12, 2024.
23. Alspach, Kyle (November 12, 2024). "Snyk Expands API Security Testing With Acquisition Of Probely". CRN. Retrieved November 12, 2024.
24. Novinson, Michael (November 12, 2024). "Snyk Acquires Probely to Strengthen API Security for AI Apps". Data Breach Today. Retrieved November 12, 2024.
25. "Snyk snares $7 million investment to help developers secure open source code". TechCrunch. March 6, 2018. Retrieved December 2, 2021.
26. Sawers, Paul (September 9, 2021). "Open source security scanning platform Snyk raises $300M". VentureBeat. Retrieved December 2, 2021.
27. "Snyk Says $8.5B Valuation 'Validates Developer-Security Vision'". SDX Central. Retrieved December 2, 2021.
28. "Snyk bags another $200M at $2.6B valuation 9 months after last raise". TechCrunch. September 9, 2020. Retrieved December 6, 2021.
29. "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.
30. Primack, Dan (December 13, 2022). "Security startup Snyk raises big money at smaller valuation". Axios.
31. Catie Roof, "Cybersecurity Startup Snyk Is Said to Plan 2022 IPO", Bloomberg, December 23, 2021
32. Lin, Belle (January 24, 2023). "Cyber Startup Snyk Raises $25 Million From ServiceNow". Wall Street Journal. ISSN 0099-9660. Retrieved December 4, 2023.
33. "Cybersecurity co Snyk raises $300m at $8.5b valuation". Globes. September 9, 2021. Retrieved December 2, 2021.
34. "Snyk: 50% of security jobs unfilled… any solution predicated on devs 'becoming security experts is doomed'". The Register. Retrieved December 6, 2021.
35. 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.
36. "UK-founded security unicorn snags $75M for digital transformation". UKTN. October 2021. Retrieved December 6, 2021.
37. "Snyk takes application security to the developer's doorstep". Silicon Angle. December 2021. Retrieved December 6, 2021.
38. "Local cybersecurity startup Snyk attracts $530 million in new cash". Boston Globe. Retrieved December 6, 2021.

External links

• Official website