Snyk receives $70 million in funding for developing security solutions for developers

Snyk receives $70 million in funding for developing security solutions for developers
The Siliconreview
11 September, 2019

IT breaches are on the rise and this has led to security becoming a central and critical prospect of how computing systems are maintained. Recently, a startup that solely focuses on developing security tools for developers has secured major funding that will accentuate growth. Snyk is a London and Boston based company that develops security solutions for developers who work on open-source code. The company recently announced that it raised $70 million in funding which will be used to expand its capabilities and business. The recent expansion from the company has led to building a solution that will assist developers to trace and fix vulnerabilities in containers. Containers are a standard unit of software that is used to package up and run code across various computing platforms.

 Snyk works by integrating into already existing developer workflow and it is compatible with GitHub, CI/CD pipelines, as well as Bitbucket and GitLab. The company made an estimation that 95 percent of all the enterprises make use of this workflow and up to 77 percent of the open-source components are vulnerable. In recent times the containers are present in less than 30 percent of computing environments but their growth is steady and it is estimated that by 2022, up to 75 percent of the global organizations will function in a containerized application.

The company’s new CEO, Peter McKay stated that every business is turning into software business and there is a need for a software security solution for developers. The new funding will help the developer-led and product-focused solutions to reach more companies and help them to stay secure without compromising the speed of growth.