Snyk Explained

Snyk Ltd.
Industry:Computer security
Key People:Peter McKay (CEO)
Location City:Boston, Massachusetts
Location Country:U.S.
Num Employees:1,400 (2022)[1]

Snyk is a developer-oriented cybersecurity company specializing in securing custom developed code, open source dependencies and cloud infrastructure. It was founded in 2015[2] out of London and Tel Aviv[3] with headquarters in Boston.[4]

History

Snyk was founded in 2015 by Guy Podjarny (Hebrew: גיא פודחרני), Assaf Hefetz (אסף חפץ), and Danny Grander, (דני גרנדר) coming from Unit 8200, a SIGINT unit of the Israel Defense Forces.[5] [6] Podjarny started as CEO. Peter McKay, one of the first investors, succeeded him in July 2019. Podjarny became president and chairman of the Board of Directors.

In 2022, the company had approximately 1,400 employees. 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]

In November 2023, Snyk partnered with SentinelOne Inc. to integrate Snyk's Developer Security Platform with SentinelOne's Singularity Cloud Workload Security platform to improve cloud security.[10] [11]

Acquisitions

Snyk acquired companies including DeepCode, Manifold, FossID[12] and CloudSkiff.[13] [14]

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).[15] [16] [17]

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.[18]

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.).[13]

Financing

In 2016, the company initially raised $3 million. In March 2018, its Series A funding was $7 million.[19] 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.[12] [20] This came six months after a valuation of $4.7 billion.[21] [22] Qatar Investment Authority led the next funding round in December 2022, with Snyk raising close to $200 million.[23]

In December 2021, Bloomberg reported that Snyk was preparing for an IPO in 2022.[5] [24]

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

Products

The company's security products are designed to help software developers find weaknesses, violations, and vulnerabilities in their code.[26] The company's vulnerability database records security issues found in open-source software libraries, and corrects the code.[27] [28] [29] Security vulnerabilities are identified and addressed during the development process, before the software product is in use.[30] [31]

In 2023, Snyk launched an app, Snyk AppRisk to help developers and teams collaborate with and monitor cybersecurity problems.[32]

Notes and References

  1. News: Gilead . Assaf . 24 October 2022 . Cybersecurity co Snyk lays off 14% of workforce . Globes.
  2. Web site: Miller . Ron . September 9, 2020 . Snyk bags another $200M at $2.6B valuation 9 months after last raise . 6 December 2021 . TechCrunch.
  3. Web site: Alspach . Kyle . 24 November 2021 . Cloud security shifting to 'dev' not 'ops,' Snyk says . 2 December 2021 . VentureBeat.
  4. Web site: 25 May 2021 . 15. Snyk . 2 December 2021 . CNBC.
  5. https://www.ifi.today/news/2079-The-Israeli-cyber-company-Snyk-is-preparing-for-an.html, "THE ISRAELI CYBER COMPANY SNYK IS PREPARING FOR AN INITIAL PUBLIC OFFERING"
  6. https://en.globes.co.il/en/article-israeli-cybersecurity-co-snyk-raises-150m-1001315680 "Israeli cybersecurity co Snyk raises $150m"
  7. News: Cybersecurity co Snyk raises $300m at $8.5b valuation. Globes. 9 September 2021 . 2 December 2021.
  8. Web site: One Team: An Interview with Snyk CEO Peter McKay. Comparably. 6 December 2021.
  9. Web site: The Cloud 100. Forbes. 2 December 2021.
  10. Web site: 2023-11-09 . Collaborative defense: Snyk and SentinelOne integrate platforms to bolster cybersecurity . 2023-12-04 . SiliconANGLE . en-US.
  11. Web site: McDowell . Steve . SentinelOne Expands Cybersecurity Capabilities, Positions for Growth . 2023-12-13 . Forbes . en.
  12. Web site: Open source security scanning platform Snyk raises $300M. 9 September 2021 . VentureBeat. 2 December 2021.
  13. Web site: Snyk Agrees to Acquire CloudSkiff, Creators of driftctl. 29 October 2021 . Dark Reading. 2 December 2021.
  14. Web site: Snyk Buys CloudSkiff as $600M Burns Holes in Its Pockets. SDX Central. 2 December 2021.
  15. Web site: Supported languages, frameworks, and feature availability overview: Code analysis (Snyk Code). 2023-11-16. Snyk Documentation. October 16, 2023 . en.
  16. Web site: Krill. Paul. 2019-10-25. DeepCode taps AI for code reviews. 2021-09-07. InfoWorld. en.
  17. Web site: ETH AI spin-off DeepCode acquired by a unicorn in cybersecurity. 2021-09-07. ethz.ch. September 23, 2020 . en.
  18. Web site: Why we need reimagine security cloud native. Winston Thomas. CDO Trends. 3 September 2021. 6 December 2021.
  19. Web site: Snyk snares $7 million investment to help developers secure open source code. March 6, 2018 . TechCrunch. 2 December 2021.
  20. Web site: Snyk Says $8.5B Valuation 'Validates Developer-Security Vision'. SDX Central. 2 December 2021.
  21. Web site: Snyk bags another $200M at $2.6B valuation 9 months after last raise. September 9, 2020 . TechCrunch. 6 December 2021.
  22. Web site: Snyk raises $300 million at a $4.7 billion valuation as employees cash in and the security company beefs up. March 11, 2021 . TechCrunch. 2 December 2021.
  23. Web site: Primack . Dan . 13 December 2022 . Security startup Snyk raises big money at smaller valuation . Axios.
  24. Catie Roof, "Cybersecurity Startup Snyk Is Said to Plan 2022 IPO", Bloomberg, December 23, 2021
  25. News: Lin . Belle . 2023-01-24 . Cyber Startup Snyk Raises $25 Million From ServiceNow . en-US . Wall Street Journal . 2023-12-04 . 0099-9660.
  26. News: Cybersecurity co Snyk raises $300m at $8.5b valuation. Globes. 9 September 2021 . 2 December 2021.
  27. Web site: Snyk: 50% of security jobs unfilled… any solution predicated on devs 'becoming security experts is doomed'. The Register. 6 December 2021.
  28. News: Snyk's Skyrocketing Valuation Reflects Growing Interest in Late-Stage Enterprise Businesses. Wall Street Journal . 21 January 2020 . Wall St Journal. 6 December 2021. Chernova . Yuliya .
  29. Web site: UK-founded security unicorn snags $75M for digital transformation. October 2021 . UKTN. 6 December 2021.
  30. Web site: Snyk takes application security to the developer's doorstep. December 2021 . Silicon Angle. 6 December 2021.
  31. Web site: Local cybersecurity startup Snyk attracts $530 million in new cash. Boston Globe. 6 December 2021.
  32. Web site: Snyk unveils new ASPM offering to help DevSecOps manage cloud application risks . 2023-12-13 . CSO Online . en.

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