Israeli-founded cybersecurity firm Snyk, which provides security solutions for vulnerabilities in open source libraries, announced on Thursday that it has raised $300 million in fresh funding at a valuation of a whopping $8.5 billion, according to Reuters.
The round was co-led by Sands Capital Ventures and Tiger Global. It follows a March funding round, where the company raised $175 million in new capital The company was valued at $4.7 billion, just six months ago and just over $1 billion at the beginning of 2020 when it was declared a unicorn — a private company valued at over $1 billion.
Founded in 2015 by Guy Podjarny, Assaf Hefetz, and Danny Grander, Snyk helps companies and developers find vulnerabilities in their open-source code and stay secure. Major clients include Google, Microsoft, Salesforce, and Adobe. Snyk’s technology is used by developers to add security components to new software products.
The new funds will be used for product development and to improve its technology, the company said, according to Reuters.
Investors have also paid $230 million to buy existing shares of the company in addition to the fresh round, Reuters reports.
The Boston-based firm made the list of the fifth annual AI 100, the annual list put together by CB Insights highlighting the 100 most promising private AI companies in the world. The list represented 12 countries across 18 industries. The company also made the list the year before.