VC-backed Snyk acquires BtoV portfolio company DeepCode

Harriet Matthews
24 September 2020

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UK-based cloud security software Snyk, which is backed by VCs including Addition, has acquired Switzerland-based DeepCode, a portfolio company of Earlybird Ventures, 3VC Ventures and BtoV Partners.

The deal is expected to close within two months, according to a statement.

DeepCode's VC backers will now become shareholders in Snyk via a share deal.

Synk raised a $200m funding round earlier in September 2020 that valued the company at $2.6bn. The round was led by Addition Capital, with participation from Accel, Amity, Boldstart, Canaan, Coatue, GV, Salesforce Ventures, Stripes, Tiger Global and Trend Forward. During the past year, Snyk has doubled the size of its workforce and seen revenues grow by 275%.

The acquisition intends to build up Snyk's software portfolio, incorporating DeepCode's AI-based technology.

In May 2018, BtoV Partners, Econa and several business angels backed a CHF 1.1m pre-seed round for DeepCode. BtoV invested via its first Digital Technologies Fund. In August 2019, Earlybird, 3VC and BtoV backed a $4m seed round for the company.

Company
DeepCode was founded in 2016 as a spinout from ETH Zurich. The company provides a platform to carry out AI-backed code reviews; these reviews enable software developers to improve their coding. It has 20 employees, according to LinkedIn.

People
Snyk – Peter McKay (CEO).
DeepCode – Boris Paskalev (CEO).
Addition Capital – Lee Fixel (founder).
Accel – Matt Weigand, Ping Li, Philippe Botteri (partners).
Earlybird – Christian Nagel, Andre Retterath (partners).
BtoV – Florian Schweitzer (co-founder).