Israeli-founded open source security company Snyk announced Tuesday that it has raised $22 million in a Series B funding round, led by US venture capital firm Accel, with participation from GV and existing investors Boldstar Ventures and Heavybit, according to Israeli financial daily Globes. With this fresh funding and $7 million Series A financing round in March, the company has raised a total $32 million to date.
The firm, which was founded by Guy Podjarny, Assaf Hefetz, and Danny Grander, the CEO, CTO, and security executive respectively, helps companies and developers find vulnerabilities in their open source code and stay secure. Current clients include UK online retailer ASOS and travel fare aggregator website Skyscanner.
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“Our mission is to fix open source security, and that can only be done from within the open source community,” Podjarny said in a statement. The investment, he explains, “is a humbling validation of the impact security-conscious developers have” and “lets us expand open source security into runtime while continuing to serve these amazing users.”
Accel partner Philippe Botteri, who will be joining the company’s board of directors said, “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,” he explains. “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.”