London-headquartered startup Snyk has raised a $22 million Series B round of funding led by Accel, with participation from GV and existing investors Boldstart Ventures, Heavybit, and others. The startup claims to have reached a fivefold revenue growth over the past nine months with over 200 paying customers, including ASOS, Digital Ocean, and Skyscanner.
The main mission of Snyk is to protect software systems from vulnerabilities and malicious code that are often found in open-source components. According to the company’s research, 77 percent of software applications carry such vulnerabilities, while only one in four open-source software (OSS) project maintainers regularly perform security audits of their code.
Snyk’s security team maintains a database of vulnerable OSS components, which it uses not only to find and block them in the code base, but also to automatically patch 580,000 vulnerabilities each month. The startup says it’s currently protecting over 140,000 software projects.
Snyk is planning to use the fresh funding to expand from finding and patching vulnerabilities to protecting the software systems in real time, giving its customers an insight into the security of the code that’s being run.
“Our mission is to fix open source security, and that can only be done from within the open source community,” said Guy Podjarny, CEO and co-founder of Snyk. “This investment is a humbling validation of the impact that security-conscious developers have, and lets us expand open source security into runtime while continuing to serve these amazing users.”