Snake, the developer of application security technology, is now raising $4.7 billion after raising new funds and secondary sales, totaling $300 million. In all, investors have poured $470 million into the company since the new investment, led by Accel and Tiger Global, Additions, Boldstart Ventures, Canaan Partners, Coatue, GV, Salesforce Ventures and many other existing investors.
New investors joining Axel and Tiger at the cap table included Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital, Sands Capital Ventures and Temasek. With investors at a very late stage of large valuations and cap tables, this will probably be the last episode of the sneak before any public offer. In addition, the markets for enterprise software companies have been heating up white recently, so the reception of sneakers should be positive.
Sneak’s quality and high rating of Sky comes from the ability to provide an application protection platform that the company said provided the structural infrastructure such as their code, open source library, container infrastructure and code for the security visibility and remedy of every component of modern applications. Investors seem to believe the company’s claims and so do new hires, including Jeff Yoshimura, Elastic’s former chief executive marketing and customer experience officer; CIO Erica Gill, who previously worked at Groupon; And Vice President, Asia Pacific Japan (APJ) Sales, Shawn McLaughlin, who previously worked for EMC.
Following the funding, Chief Financial Officer of Enterprise Software Darling and last year’s Blockbuster Public Offer, Snowflake & Peace Lee, longtime Enterprise Software Investor and partner at Excel. “As early investors, we first met with the Sneak team early in their journey,” Lee said in the first statement. “Throughout our partnership, we have witnessed Snake’s unwavering dedication to developers and security teams, and their true vision has become a reality. We look forward to supporting Sneak’s achievements in 2021 and beyond.
Sneak financing is the application vulnerability that is becoming an increasingly popular attack vector for hackers. According to the company, about 43% of data breaches have linked back to errors in applications. Meanwhile, the lack of security-focused developers means automation has to lift heavier. Snake says it provides automated remedies and safety features by integrating them directly into the developing workflow. The company also provides real-time answers to coders’ security questions.
So far, the suite of services means more than 27 million developers around the world are using Snake Tools and providing a market for the company’s security coders to pitch their own tools on the Sneak platform. “We believe that the first method of protection for the development of sneakers is a great tool for developers and organizations today,” said Chris Hecht, Head of Corporate Development and Head. “Snake has already demonstrated some amazing integration with our equipment and we are now thrilled to expand our partnership with them through our investment in Atlassian Ventures.”