Bionic Announces $65M Series B Financing from Insight Partners, Cyberstarts, and Battery Ventures
PALO ALTO, Calif., March 22, 2022 /PRNewswire/ -- Bionic, the industry's first Application Security Posture Management platform, today announced it has closed a $65 million Series B funding round led by New York-based global private equity and venture capital firm Insight Partners. Existing investors Cyberstarts and Battery Ventures also participated in the round. Bionic will use this new round to expand investment in R&D and scale its rapidly growing sales and customer success teams.
Company to accelerate investment in R&D, sales & customer success for its rapidly growing Application Security Posture Management platform
PALO ALTO, Calif., March 22, 2022 /PRNewswire/ -- Bionic, the industry's first Application Security Posture Management platform, today announced it has closed a $65 million Series B funding round led by New York-based global private equity and venture capital firm Insight Partners. Existing investors Cyberstarts and Battery Ventures also participated in the round. Bionic will use this new round to expand investment in R&D and scale its rapidly growing sales and customer success teams.
As enterprises adopt CI/CD, microservices, and serverless technologies, the surface area of applications in the cloud continuously expands and changes. This introduces drift, new attack vectors, and business risks that current cloud security processes and tooling do not address. Furthermore, data privacy regulations like GDPR and CCPA mean the way applications and code consumes personal data in the cloud needs to be better managed and secured.
Since launching from stealth in December 2020, Bionic has experienced significant growth and helped dozens of customers such as GSK, Armis, and Freddie Mac to accelerate their digital transformation projects and de-risk their application security posture. Bionic provides its customers with complete visibility and continuous monitoring of their applications, services, and APIs while detailing data flows, and attack surfaces.
"Our strong market traction with enterprise customers created major interest from the investor community resulting in an oversubscribed Series B round," said Idan Ninyo, CEO and co-founder of Bionic. "We are thrilled to partner with tier-1 investors — Insight Partners, Cyberstarts, and Battery Ventures — as we continue to build Bionic into the next major cybersecurity software company."
"Bionic provides complete visibility and detection for your application architecture and data flow with an innovative agentless approach. Their platform enables the mapping of application dependencies, components, and configurations, which is key in mitigating security risks introduced by continuous delivery. Bionic uniquely serves the needs of both cybersecurity and DevOps teams with a product functionality that provides immediate value with minor operational impact," said Steve Ward, Managing Director at Insight Partners. "Bionic's founding team with its deep understanding of the domain and strong technical experience, have made the company a standout in the industry. We look forward to partnering with the Bionic team as they continue to grow and Scale Up."
From Bionic Customers:
GSK
"Understanding applications enables us to enforce secure architecture at scale. Our business is becoming dependent on our ability to continuously release new software and enterprise applications. Automatically understanding the architecture of applications enables organizations to enforce secure architecture at scale and streamline compliance audits," said Matthew McCormack, former Chief Information Security Officer at GSK.
Freddie Mac
"IT teams are dealing with increasing complexity. By adopting Bionic and understanding how our applications are architected, we accelerate our modernization efforts and reduce operational risk."
Armis Security
"With Bionic, our visibility is always up-to-date and without the effort. Effective risk and compliance management efforts truly require an up-to-date understanding of your applications' detailed architecture," said Curtis Simpson, Chief Information Security Officer at Armis Security.
About Bionic
Bionic is an Application Security Posture Management (ASPM) platform that proactively reduces security, data privacy, and operational risk by continuously analyzing the entire architecture of applications as they evolve and change in production. Unlike cloud security posture offerings, Bionic provides deep visibility into the application layer to help organizations manage the risk of their services, APIs, dependencies, and data flows in production. Bionic was founded in 2019 by Idan Ninyo and Eyal Mamo, and is based out of Palo Alto, CA.
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About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
Media Contact: Liam Barnes, [email protected]
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