Application security technology developer Snyk announced the results of its latest fundraising and secondary sale, which bolstered the company by an additional $300 million and increased its valuation to $4.7 billion, according to TechCrunch
Investors led by Accel and Tiger Global, and which included Addition, Boldstart Ventures and Canaan Partners, poured $470 million into Snyk, ahead of a possible public offering for the firm. Snyk touts its application security platform as capable of providing security visibility and resolution for modern applications at every level, from open-source libraries to infrastructure as code.
Hackers are increasingly eyeing application vulnerabilities as openings for attacks, with around 43% of data breaches linked to application vulnerabilities, the company said, while automation has been increasingly in demand, which Snyk’s offering provides through automated remediation, integration of security features into developer workflows and access to security questions in real-time.
Snyk tools are currently being used by more than 27 million developers.