Cyber unicorn Snyk targets AI era with major platform launch: “We’re not threatened by niche startups”
Snyk has unveiled tools to secure AI-driven code as insecure code generation reaches 48%, according to a Georgetown University study.
Cyber unicorn Snyk, which develops solutions for application security in software development, announced on Wednesday a new artificial intelligence platform, Snyk AI Trust Platform, designed to manage and secure software development in the AI era. Speaking with Calcalist, Snyk CTO Danny Allan described it as the company’s most significant product launch to date. This comes shortly after Snyk disclosed it had reached $300 million in annual recurring revenue (ARR).
“We’re not threatened by young AI startups offering niche tools,” said Allan. “The market is demanding comprehensive platforms, not point solutions. We've received numerous requests from our 4,500 customers asking us to help secure their transition to AI-based development.”
According to recent projections from Gartner, by 2028, 90% of enterprise software engineers will use AI code assistants, up from less than 14% in early 2024. At the same time, despite AI’s ability to supercharge software development, a Georgetown University study suggests that almost half (48%) of all AI-generated code is currently insecure. Finally, threat actors have begun to use AI to deploy cyber attacks, including prompt injections and data poisoning, that dismantles code to purposely infect product lines.
The AI Trust Platform, Snyk Labs and Snyk Studio have all been designed to address these challenges in the current and continually evolving AI-driven development landscape.
Snyk, which raised $196.5 million in a Series G funding round in December 2022 at a valuation of $7.4 billion, ended 2023 with total cash balances of $350 million. More than $40 million were spent on acquisitions, including two Israeli startups - $32.7 million on Enso Security and $2.9 million on Helios. The Helios acquisition had previously been estimated to be much more expensive.
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Founded in 2015 by Israelis Assaf Hefetz, Danny Grander, and Guy Podjarny, Snyk offers a security product primarily aimed at developers. Snyk’s Developer Security Platform automatically integrates with a developer’s workflow and is purpose-built for security teams to collaborate with their development teams.
“Snyk was founded with a mission to disrupt the legacy AppSec industry with what was previously an unconventional concept – putting security in the hands of developers. This is now considered an industry best practice,” said Peter McKay, CEO of Snyk. “With today’s launch, we’re disrupting the status quo again and charting the course for Snyk’s next decade of innovation. AI should be welcomed, not feared, but it’s up to us to help our customers navigate this new world order – securely.”
