Open Source Vulnerabilities Hunter Snyk Raises $7 Million
Snyk develops software that aims to help developers detect and fix vulnerabilities in third-party open source code modules
Tel Aviv-based cybersecurity startup Snyk Ltd. announced on Tuesday a $7 million Series A funding round led by New York-based venture capital firm Boldstart Ventures and Menlo Park, California-headquartered firm Canaan Partners. Additional investors include Heavybit Inc., FundFire, and Peter McKay, co-CEO, and president of Veeam Software. To date, Snyk raised $10 million in equity.
"Open source software powers most of the Fortune 500 applications today. Securing these open source packages during the development cycle becomes paramount, especially with the movement towards a more agile and continuous release cycle,” Ed Sim, founder and managing partner of Boldstart Ventures, said in a statement.
“Security controls must adapt to the new pace open source and cloud dictate,” Guy Podjarny, CEO, and co-founder of Snyk, said in a statement. “Failing to do so is what led to the recent breaches at Equifax, Uber, and the Tesla cloud breach.”