Cloud-native application security provider Snyk has raised $75 million in Series F funding from Atlassian Ventures and Salesforce Ventures. It pushes valuation of Snyk to $8.6 billion. Total capital raised until now comes down to $850 million with over 10% of these total funds directly coming from Atlassian Ventures and Salesforce Ventures.
Together with Snyk, Atlassien Ventures and Salesforce Ventures are aiming to facilitate the global developer population – projected at 26.2 million in 2020 while expected to reach 43.2 million in 2025 – to find, fix and monitor vulnerabilities in current processes through expanding product integrations. This latest corporate development comes on the heels of the company’s announcement of $530 million in Series F investment earlier this month.
“For Atlassian and Salesforce, this investment in Snyk is more than just capital,” said Peter McKay, CEO, Snyk. “Like Snyk, these two industry leaders are fiercely committed to empowering developers to embed security into the entire application. We are humbled by their true, long-term commitment to evolving the legacy security industry through a developer-led approach.”
Following Snyk’s integration with Bitbucket Cloud and Atlassian Open DevOps earlier this year, Snyk and Atlassian are dedicated to delivering a smooth, high-level experience for developers to access and embrace Snyk through Bitbucket Cloud, Jira Software, Jira Service Management and Compass in the future. The embedded security experience would enable developers to secure their code as a part of their regular workflows from open-source vulnerabilities.
Application Security
“The desire to do things differently inspires us, and Snyk is reinventing the way organizations think about security,” said Chris Hecht, Head of Corporate Development, Atlassian. “They are a vital part of our ecosystem, tightly integrated into our core products. We’re thrilled to further support their journey and together increase the millions of developers that benefit from their work.”
Snyk’s developer-first approach would enable companies to protect all of their applications from cloud to code. It would lead to higher productivity, growth in revenues, cost reduction and an overall improvement in application security. Snyk’s Developer Security Platform interacts with a developer’s workflow automatically and is specifically designed for IT security teams to work with development teams.
Snyk is currently used by 1,200 organizations worldwide including industry leaders like Salesforce, Google, MongoDB, Intuit, New Relic, and Revolut.
“As an early investor since the company’s Series B, we are excited to deepen our partnership and continue to support Snyk as the leader in developer security,” said Alex Kayyal, SVP & Managing Partner, Salesforce Ventures. “Snyk’s vision to empower developers to drive greater agility and digital transformation resonates, and we are excited to support them as both an investor and customer.”
