Boston-based software security company Snyk raises $200M – BetaBoston

Boston-based software security company Snyk raises $200M – BetaBoston

Snyk, a Boston-based technology company that helps developers identify security risks while they are building software, said Wednesday it has brought in $200 million in new private investment.

The money is a sign of growing investor confidence in the firm, which has about 325 employees, 100 of whom work for its Boston office. Snyk said it has raised a total of $450 million and is now valued by its investors at $2.6 billion. Early this year, when the company last raised money, its value was less than half of that.

Snyk CEO Peter McKay said in an interview that the company has grown rapidly this year, as the COVID-19 pandemic caused more companies to use software to handle functions that may have been done on paper or by hand in prior years.

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“It dramatically increased the pace and speed of application development,” he said. “We need to develop application faster, we need to modernize our applications better, and we need to do this in a far more scalable way.”

Remote work, remote shopping, and remote customer service have become more important during the crisis, which has created urgent needs for new
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