Snyk

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Cyber 60 2023-Snyk

Founded in 2015 by alumni of the Israel Defense Forces’ vaunted intelligence division Unit 8200, Snyk identifies and helps fix vulnerabilities in code, open-source software, and container images, or static files containing code. Snyk’s cloud-based platform integrates directly into development tools, helping companies spot problems during the building process rather than after a system is live. The Boston-based company has raised a total of $1.2 billion from backers including Qatar Investment Authority, Tiger Global, and funds managed by BlackRock and Salesforce Ventures. Its <a href="https://snyk.io/news/snyk-closes-196-5-million-series-g-funding-at-7-4-billion-valuation/">December 2022 Series G funding round</a> valued Snyk at $7.4 billion, down from a September 2021 valuation of $8.5 billion, but <a href="https://techcrunch.com/2022/12/12/snyk-scores-another-196m-as-valuation-drops-12-to-7-4b-valuation/">up from $4.7 billion in March 2021</a>. Snyk’s customers include AWS, Google, and Salesforce, and according <a href="https://www.calcalistech.com/ctechnews/article/ryrrggdlt#:~:text=Cybersecurity%20unicorn%20Snyk%20grew%20its,a%2048%25%20rise%20in%20costs.">to filings with the U.K.’s Companies House</a>, Snyk’s 2022 revenue more than doubled to $147 million, with a loss of $267 million. 
 
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–Cofounder Podjarny previously founded Blaze.io, a service for accelerating website load times, which was acquired by cloud services company Akamai Technologies for an undisclosed amount in 2012. 
–In 2019 Podjarny handed the Snyk CEO baton to Peter McKay, an early Snyk investor and director with a long career history in enterprise software. 
–Snyk is a serial acquirer, having scooped up seven startups to fold into its platform over the years. An IPO is also a goal, McKay said <a href="https://www.crn.com/news/security/snyk-ceo-peter-mckay-startups-looking-to-get-acquired-dramatically-increasing">as recently as October</a>, stressing that market conditions would need to be right.

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