Cybersecurity startup firm Snyk secured $196.5mn in Series G funding at a $7.4bn valuation. The company has now raised $1.075 billion.

The latest funding comes after Snyk cut 228 employees out of a total workforce of 1,400 earlier this year in two rounds of layoffs.

In September 2021, the company raised $530 million in a Series F round, with $300 million in primary funding and the remaining $230 million in secondary funding, valuing the company at $8.5 billion. But this year’s economic uncertainty and turbulent stock market have led to reduced values for some IT startups.

The latest funding round was led by QIA (Qatar Investment Authority) and included participation from new investors Evolution Equity Partners, G Squared and Irving Investors as well as existing investors Boldstart Ventures, Sands Capital and Tiger Global.

Snyk said the additional financing will fuel the company’s continued growth and product innovation in 2023, allowing the company to enhance and expand its Developer Security Operations platform, both organically and through strategic acquisitions.

The announcement makes Snyk the first cybersecurity vendor to publicly reduce its valuation in exchange for additional cash. “In this challenging macroeconomic environment, it is more critical than ever for global enterprises to increase their developer productivity and be able to continue their pace of innovation securely,” said Snyk CEO Peter McKay.