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Snyk raises $22m to detect vulnerabilities in open source code


UK technology company Snyk has raised a $22m Series B led by Accel.

Snyk, an open source code and security platform, also raised from GV and existing shareholders including Boldstart Ventures and Heavybit.

Open source software (OSS) is embraced by a vast majority of businesses (95%), helping them to accelerate software development but potentially making systems more vulnerable.

Research has shown than 77% of applications carry vulnerabilities, and only one in fourOSS maintainers audit their code regularly.

Snyk gives developers the option to find and block vulnerable and malicious OSS components.

Founded by serial entrepreneur Guy Podjarny and security experts Assaf Hefetz and Danny Grander, Snyk claims to have over 200 paying customers including New Relic, ASOS, Auth0, and Skyscanner.

“Our mission is to fix open source security, and that can only be done from within the open source community,” said Podjarny, also the CEO. “This investment is a humbling validation of the impact that security-conscious developers have, and lets us expand open source security into runtime while continuing to serve these amazing users.”

Philippe Botteri, partner at Accel, will be joining the board.

“Some of the largest data breaches in recent years were the result of unfixed vulnerabilities in open source dependencies; as a result, we’ve seen the adoption of tools to monitor and remediate such vulnerabilities grow exponentially. We’ve also seen the ownership of application security shifting towards developers. We feel that Snyk is uniquely positioned in the market given the team’s deep security domain knowledge and developer-centric mindset, and are thrilled to join them on this mission of bringing security tools to developers,” Botteri commented.