Snyk, an Israeli cybersecurity startup in the field of cloud native application security, is planning its initial public offering (IPO), which is expected to come sometime in the middle of 2022. According to a report made by Bloomberg, Snyk could end up with a valuation higher than its current $8.5 billion one.
The news comes just a few months after Snyk hit that valuation in September with a $300 million Series E financing round. Snyk has raised a total of $950 million in less than two years. And that round came just six months after Snyk hit a $4.7 billion valuation with another $300 million round of financing.
There is a reason why cybersecurity startups are worth so much money.
Snyk provides cloud native application security (CNAS) solutions which enable modern applications to be built securely, empowering developers to own and build security for the whole application, from code and open source to containers and cloud infrastructure.
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Snyk says that its SaaS platform can help developers find their vulnerabilities and license violations in their open source codebases, containers, and Kubernetes applications. By connecting their code repository, Snyk customers gain access to a giant vulnerability database, which enables Snyk to serve a description of the problem, point to where the flaw in the code lies, and even suggests a fix.
🛠 #OpenSource might not be perfect, but we as a community can work together to resolve the issues & share them broadly!
— Snyk (@snyksec) December 23, 2021
Everything is going into the cloud these days. Do you use Google Docs, or any of the other Google services? Well then all of your files are stored in servers located around the world. The same thing is also now true with MS Office which offers customers cloud based software services. Notebook computers have always had a limited storage capacity. And more and more people are switching to tablets which do not offer the same services as a computer. So cloud services will soon be standard.
Synk says that its Snyk Intel Vulnerability Database powers innovative, developer-centric technology companies including Atlassian, Datadog, Docker, Dynatrace, Google, Red Hat, Salesforce and Twilio.
“Simply shifting left [testing early in the software development process] is no longer enough, and security now needs to be fully-owned by developers so that they are equipped to address security issues in real time as they emerge,” Snyk cofounder and president Guy Podjarny told Tech Crunch recently. “Our approach makes security easy, so that modern developers are set up for true success, securing what they build without having to become a security expert or slow down.”