TOP 100 startup DeepCode gets acquired by Snyk
scroll south
Zurich-based startup DeepCode—which provides real-time semantic code analysis powered by AI—was acquired by Snyk, the leader in developer-first cloud-native application security. Headquartered in Boston, Snyk provides an open-source security platform designed to help software-driven businesses enhance developer security and currently supports more than 1.5 million developers worldwide.
DeepCode is an ETH Zurich spin-off founded in 2016 and one of the TOP 100 Swiss startups 2020. The startup’s technology is rooted in over 12 years of award-winning research in program analysis and learning from BigCode. DeepCode’s industry-first technology will advance Snyk’s comprehensive security platform, including open-source security, container security, and infrastructure as code security, using integrated machine learning-based intelligence to more quickly identify vulnerabilities and ensuring developers have a superior level of accuracy.
“Core to our focus at DeepCode was creating a sophisticated AI platform that blends advanced machine learning algorithms and semantic analysis which makes scanning of code lightning-fast and incredibly accurate,” said Boris Paskalev, CEO of DeepCode. “By leveraging Snyk’s security expertise and comprehensive vulnerability database to train our engine, our accuracy will become better even faster, and we can reduce false positives to near-zero. This provides massive productivity benefits for developers and security teams and overall risk reduction.”
The acquisition of DeepCode comes on the heels of Snyk’s announcement, earlier in September, of a $200 million Series D investment and valuation of USD 2.6 billion. Building on a year of extraordinary growth, including more than 275% revenue growth and 100% employee growth, Snyk will continue its rapid expansion and product innovation with the addition of the DeepCode team and technology.
“Traditional security tools are fatally flawed in today’s fast-paced development environment,” said Peter McKay, CEO of Snyk. “They are too slow for developers to use in their daily work, and they result in too many false positives, often leading to wasted time or overlooked threats. DeepCode’s AI engine brings a level of speed and accuracy to Snyk’s technology platform that will give customers a level of security intelligence they’ve never had before. Additionally, we now can apply those capabilities to the proprietary code written by developers, extending the Snyk platform’s coverage for securing cloud-native applications.”