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Fremont, CA: Bionic, the industry's first Application Security Posture Management platform, has secured a $65 million Series B funding round led by New York-based global private equity and venture capital firm Insight Partners. Cyberstarts and Battery Ventures, both existing investors, also participated in the round. This new round will be used by Bionic to increase R&D investment and scale its rapidly growing sales and customer success teams.
The surface area of applications in the cloud is constantly expanding and changing as enterprises adopt CI/CD, microservices, and serverless technologies. This introduces drift, new attack vectors, and business risks that are not addressed by current cloud security processes and tooling. Furthermore, data privacy laws such as GDPR and CCPA require that the way applications and code consume personal data in the cloud be better managed and secured.
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Bionic has experienced significant growth since emerging from stealth in December 2020 and has assisted dozens of customers, including GSK, Armis, and Freddie Mac, in accelerating their digital transformation projects and de-risking their application security posture. Bionic gives its customers complete visibility and continuous monitoring of their applications, services, and APIs, as well as details on 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," stated 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," stated 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."
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