Snyk, a developer-focused security startup that and identifies vulnerabilities in open source applications, announced a $150 million Series C funding round today. This brings the company’s total investment to $250 million alongside reports that put the company’s valuation at more than $1 billion.

“This investment accelerates Snyk’s significant momentum in transforming the way application security is approached and delivered in software-driven enterprise organizations,” said Snyk CEO Peter McKay in a prepared statement. “With rapid 2019 revenue and customer growth from both individual users and scaling development teams, we are seeing the market embrace developer-first application security to help tackle the increasing cybersecurity concerns that come with digital transformation.” 

The company reported over 400% revenue growth in 2019, and some of its largest customer wins to date include Google, Intuit, New Relic, and Salesforce. According to a company blog post, this latest funding round will be used to drive product innovation and scale its business for greater expansion into Europe, the Middle East, Africa, and Asia-Pacific regions.

The company has seen no shortage in funding since entering the market in 2016 with a $3 million seed round, a $7 million Series A, a $22 million Series B round in 2018, and a $70 million follow-up to their Series B last fall. The Series C investment was led by Stripes and included other investors such as Accel, Coatue, Tiger Global, Boldstart, GV, Canaan, Trend Forward, Amity, and Salesforce Ventures.

London-based Snyk (pronounced “sneak”) is an open source security firm founded in 2015. The startup uses its open source database to continuously monitor enterprise applications’ dependencies and respond to vulnerabilities. The goal is to find any open source security flaws before the applications deploy. But when that doesn’t happen, Snyk can also upgrade or patch vulnerabilities.

While the security sector has lagged behind the rest of the tech industry when it comes to open source, Snyk's platform focuses on fixing operations support system (OSS) components. It enables developers to search for vulnerabilities in enterprises’ systems, with particular focus on their open source software, and block the vulnerabilities. Snyk repairs security issues by drawing on its database of patches

“Snyk's unique product-led and mission-driven approach will turn the tide by empowering developers to be the first line of defense against growing cyber risk and helps businesses worldwide meet the digital needs of their customers," Ken Fox, founder and partner at Stripes who will be joining Snyk's board of directors, said in a statement. “We look forward to partnering with the entire Snyk team to drive the next phase of the company's success in 2020 and beyond."

CORRECTION: Story updated to note Snyk’s Series C funding round.