“Develop fast. Stay secure”

Founded: 2015 London, UK

Category: Cybersecurity

Primary office: London (UK)

Additional offices: Tel Aviv (Israel), London (UK), Ottawa (CA), Santa Clara (US), Boston (US)

Status: Private

Employees: 300+

Amount raised: $252 million  (5 rounds – January 2020)

OVERVIEW

  • Enables 400,000 developers to continuously find and fix vulnerabilities in open source libraries and containers
  • Developer first security; automated remediation (fix advice, automation enabling security at scale and speed); leading vulnerability database

 

PERFORMANCE METRICS

  • Valuation – $1 billion
  • Revenue – $63 million est. (2019)

 

ACHIEVEMENTS

  • Multiple enterprise clients (e.g., Google)

Sells

  • Snyk open source – open source security management – automatically detect open source vulnerabilities and accelerate repair throughout development process
  • Snyk container
  • Snyk intel vulnerability DB access
  • Snyk license compliance management
  • Pricing is tiered – free (constrained functionality), standard (up to 25 developers), pro (50 developers), enterprise (up to 150 developers)

Channels

  • Conferences (e.g., DockerCon)
  • Website – free access to products
  • Partners (building a community to make open source usage secure)
  • Resellers

Competencies

  • Identification, documentation, database of open source vulnerabilities
  • Developer-first tooling and best in class security depth
  • Snyk scans developer code repositories in, for example, GitHub, GitLab or BitBucket, to identify vulnerabilities or license violations using a massive database of vulnerabilities
  • Data science, machine learning, artificial intelligence

Resources

Assets

  • Massive database of vulnerabilities (maintained by security teams in London and Tel Aviv
  • Connectivity with developer code repositories and the ability to scale for vulnerabilities
  • Data science, AI algorithms
  • Snyk/Docker partnership to secure containerized applications
  • APIs to enable connectivity with third-party products and applications

Processes

  • Developer-first tooling and best in class security depth enabling companies to easily build security into their continuous development process
  • Continually monitors source code before, during and after an application ships – reduces deployed vulnerabilities and helps identify those that were missed; continuous monitoring allows for raising alerts when new disclosed vulnerabilities may negatively impact a customer
  • Products act as an additional, automated line of cyber defence – contextualized within a devOps framework and thereby supporting scalability
  • Artificial intelligence and machine learning used for vulnerability intelligence and capture developer insights, thereby improving Snyk’s automated fixes

Priorities

  • Evolve product development
  • Global expansion

Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely

  1. Develop and sell products that address a problem, job to be done or a need that is widespread, growing, important, urgent, and manifests itself in diverse ways
  2. Use scientific and technological advances to develop innovative offers
  3. To defend against automated cybersecurity campaigns, apply automated detection, response and remediation
  4. Combine company resources with those of other resource owners to create value that cannot be created by your company alone
  5. Maintain close relationships with resource owners that advance the core technology underpinning the most important assets of the company
  6. Orchestrate a community comprised of the owners of the resources required to scale
  7. Strengthen cybersecurity attributes of offers compared to competitors
  8. Apply processes that continuously improve the cybersecurity of the company as well as its offers, channels and resources
  9. Operate a platform that is simple to use, attracts a very large market, and enables the company to control the quality of the offers traded on the platform
  10. Simplify the complementarity of the company product and services
  11. Apply digital technology to brand, market, sell and service customers more cost effectively than competitors
  12. Enhance cybersecurity automation by using big data, machine learning and artificial intelligence
  13. Seek partners to accelerate scaling, expand company offers, and provide access to new revenue sources