Snyk's valuation skyrocketed to $8.5 billion in the wake of a $530 million Series F funding round that included about $300 million in new capital.

In addition to the new funds, the Series F also included secondary offerings, according to the developer-focused security vendor. This brings its total raised to $775 million, and Snyk more than tripled its valuation compared to $4.7 billion at the beginning of the year.

“This new investment, together with the rapid adoption of our platform and growing customer base, validates our developer security vision,” Snyk CEO Peter McKay said in a statement. “When security starts with the world’s expanding pool of developers — estimated to reach 45 million by 2030 — organizations of all sizes will be able to truly reap the rewards of digital transformation, while also making the world’s software safer.”

In an interview with SDxCentral earlier this month, McKay detailed his company’s developer-security vision, and he said enlisting the world’s 27 million developers to secure code is the only immediate, scalable way to help solve the cybersecurity skills shortage.

As companies move their applications to the cloud, and developers push software updates on a daily or even hourly basis, security teams can’t keep up. “There isn’t enough security auditors, and the pace of these apps is increasing significantly, so our view is to build security in to the process,” McKay said. “Allow developers to continue to build at a rapid pace. Keep developer productivity increasing, but also being secure at the same time.”

The company plans to use the new funds for product innovation and development and said it will provide additional details at its free, annual conference, SnykCon 2021, next month.

Sands Capital and Tiger Global co-led the Series F with participation from new investors Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price, and Whale Rock Capital Management, as well as existing investors Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures, and Temasek.

The fresh funding propels what has already been a busy year for the cybersecurity unicorn, which announced a $300 million Series E investment and expanded into Asia Pacific and Japan earlier this year.

Snyk also increased its annual recurring revenue by 154% compared to 2020 and grew its customer base to more than 1,200 companies, the vendor claimed.

Additionally, this year it acquired FossID to expand its license compliance and C/C++ capabilities.