Snyk raises $150 million at $1 billion valuation for AI that protects open source code

Snyk, a cybersecurity platform that helps developers find vulnerabilities in their open source applications, has raised $150 million in a round of funding led by New York-based private equity firm Stripes, with participation from Salesforce Ventures, Coatue, Tiger Global, BoldStart, Trend Forward, and Amity. This takes Snyk's total funding to $250 million from backers including Alphabet's GV and Accel, including a $22 million series B round in 2018 and a $70 million follow-on round just a few months ago. A Snyk spokesperson said that the company is now worth more than $1 billion, which is at least double the $500 million it was valued at back in September. Founded in 2015, London-based Snyk targets developers -- rather than cybersecurity personnel -- to help them find and fix flaws in their source code, as well as their containers and Kubernetes applications. The developer connects Snyk to a code repository in the likes of GitHub, GitLab, or Bitbucket, and Snyk then scans for vulnerabilities (or license violations), providing a description of the problem, noting where the flaw lies in the code, issuing a severity rating, and even suggesting a fix.