GV, a corporate venturing subsidiary of internet and technology conglomerate Alphabet, has co-led a $70m funding round for UK-based software debugging tool developer Snyk.
The round was co-led by venture capital firms Accel and Boldstart Ventures and the company said it increased its funding to $102m since it was founded in 2015.
Snyk has created a platform used by more than 300,000 software developers to automatically scrutinise open source pieces of code for flaws.
The product uncovers bugs in code dependencies used to build software applications and can also flag up licensing violations where clients may have misinterpreted open source usage terms.
Snyk said it has increased its annual turnover and customer base fourfold during 2019, and the funding will support its next growth phase, as it looks to enter new countries and drive further adoption of its technology.
The company had previously received $22m at a reported $100m valuation, in a September 2018 series B led by Accel that also featured GV, Boldstart, enterprise tech-focused accelerator Heavybit and unnamed additional investors.
The September round followed a $7m series A six months earlier that was co-led by Boldstart Ventures and VC firm Canaan Partners with backing from Heavybit, FundFire and Peter McKay.
Guy Podjarny, Snky’s founder and president, said: “Snyk was founded on the belief that developers will embrace security given the right solution. Four years later, we have seen that vision become reality, with hundreds of thousands of developers using our solutions to secure their containers and applications.
“We are excited to use this investment to further build out the products, resources and community to expand this market leadership to even more development teams and enterprise organisations.”