Snyk, a cloud-native application security platform, secured an undisclosed amount from ServiceNow. According to The Wall Street Journal, the investment is worth around USD 25 million. The latest fundraising comes on the heels of Snyk’s Series G funding round in December 2022, in which the company raised USD 196.5 million led by Qatar Investment Authority (QIA) at a USD 7.4 billion valuation.

The funds will be used to enhance Snyk’s developer security platform.

In addition to this, Snyk announced a new solution that combines its open-source platform with ServiceNow’s vulnerability response solution. The joint solution will provide users with a comprehensive view of their attack surface and enables them to respond to security threats in software applications faster.

Snyk currently serves more than 2,500 customers globally. Notable customers include Asurion, Google, Intuit, MongoDB, New Relic, Revolut, and Salesforce.

Analyst QuickTake: Snyk intends to break even by 2024 and go public in the future. In 2022, Snyk achieved a 100% YoY increase in revenue and over a 130% increase in net revenue retention. It also reported that it tripled in size and its employee headcount rose from 400 to 1,200. As of December 2022, the company served more than 2,300 customers.