Israeli Cyber Firm Snyk Raises $7M In Series A Round

March 7, 2018 | Israeli cybersecurity company Snyk, which provides security solutions for vulnerabilities in open source libraries, announced that it raised $7 million in a Series A funding round led by Boldstart Ventures and Canaan Partners, with the participation of Heavybit, FundFire, Peter McKay, co-CEO of Veeam, and others. The latest round brings Snyk’s total amount raised to date to $10 million. McKay will join Snyk’s board of directors, the company said. Snyk plans to use the funds to “deploy additional product offerings that improve the secure usage of open source for developers,” a company statement read. “Security controls must adapt to the new pace open source and cloud dictate,” said Guy Podjarny, CEO and co-founder of Snyk Ltd. and author of “Securing Open Source Libraries. “Failing to do so is what led to the recent breaches at Equifax, Uber, and the Tesla cloud breach. We’re relying on strangers’ code to run the most sensitive aspect of our business, and do so at neck-breaking speed. Traditional security solutions simply cannot keep up. The platform is used by over 120,000 developers and has over 350,000 downloads per month, the company said.