Why is money from top investment firms flowing into Snyk, security software?
Why is money from top investment firms flowing into Snyk, security software?
Snyk is currently valued at 4.7BUSD compared to 1.1BUSD in Jan 2020. That’s four times. What does Snyk do and why do these firms are pouring the money? The answer lies in security. Software is everywhere and security is not an afterthought anymore.
How frequently do you hear news such as “Company X has a data breach and personal data of 4.7M people is available online”? Around 40% of the time, these data breaches are due to vulnerabilities in the software. What if developers get updates around problems/ loopholes in the building blocks they use? That’s where Snyk comes in. Snyk allows the company to monitor, find and fix loopholes continuously.
Riding on the growth of Open-source software
Developers don’t build software from scratch. They rely on existing building blocks from open-source/ other company’s software to create products. As open-source software is growing, Snyk has a big research team to build a database of loopholes/ vulnerabilities making open-source software easy.
Developer-centric
Typically you build, test, deploy the products and will either hand them over to a separate security team or have a security focus person in your team. Similar to operations merging with development (DevOps) for continuous software delivery, DevSecOps is continuous security embedded into the developer workflow.
How is this market evolving?
Backed by top investment firms and a growing ecosystem of software partners, Snyk rules the cloud-native application security. Tough market with big cloud providers (Azure, AWS, Google), traditional end-point security (McAfee, CheckPoint, etc.), network security providers (Palo Alto Networks).