Company sees 700% increase in ARR fueled by market demand for Application Security Posture Management (ASPM), with high-profile customer acquisitions including Advanced, Aston Martin, Chipotle, FalconX, and Inspire Brands
PALO ALTO, Calif., October 11, 2022 /PRNewswire/ — Bionicthe industry’s first Application Security Posture Management (ASPM) platform, today announced the appointment of Philip (Phil) Coady as the company’s first Chief Revenue Officer (CRO). In this role, Coady will lead all aspects of the company’s sales, business development, and strategic partnerships. In addition to Coady’s appointment, Bionic announced significant company momentum, including a 700% increase in ARR from high-profile customers including Advanced, Aston Martin, Chipotle, FalconX, Inspire Brands, and some of the largest banks, pharmaceuticals, insurance providers, sports leagues, and automobile manufacturers.
Phil Coady, CRO at Bionic (PRNewsfoto/Bionic)
Coady brings more than two decades of experience leading sales and operations teams for a variety of hyper-growth startups and late-stage technology companies. Coady joins Bionic from AppDynamics, where he served as Chief Operating Officer (COO), and prior to that, Group Vice President of Sales for the Americas. Prior to AppDynamics, Coady led global and regional sales and operations teams for Medallia, Clarabridge (Qualtrics), Motionsoft, Saba Software, and Plateau Systems.
“Businesses of every size and industry are realizing that ASPM solutions power modern business, from finance, insurance and retail, to automotive, SaaS, and professional sports,” said It’s yoursBionic co-founder and CEO. “Phil brings extensive skills and experience in leading sales and operations strategies for cloud-first companies, building world-class sales teams, and driving high-impact growth for global organizations . We’re thrilled to have Phil on board as we continue to bring industry-first DevSecOps technology to our global customers and partners.”
“Nothing is more business-critical for enterprises than identifying and mitigating risk. Cloud and cloud-native developments have opened up application surfaces to new risks– new attack vectors, threats of actors, and business risks beyond the scope of existing infrastructure and network-focused security tools and processes,” said Bionic CRO Phil Coady. “Bionic is uniquely positioned to help companies secure the unexpected and proactively identify risks and vulnerabilities from pre-prod to the production environment. I’m excited to join Bionic as we continue to solve the problem it’s for the biggest customer in the world.”
In addition to an explosive increase in ARR, Bionic’s recent momentum includes:
- Raised a $65 million Series B funding round led by Insight Partners, with participation from previous investors Battery Ventures and Cyberstarts
- Customer logos increased 700% YoY, with dozens of active customer accounts
- Headcount increased by 119% YoY, with more than 100 employees at Palo Alto and Tel Aviv offices, as well as remote locations
- Established the first global channel program, with new partnerships including Amazon Web Services (AWS), GuidePoint, and Optiv
- Expanded into EMEA with a UK operation to support customers such as Aston Martin
- Added feature capabilities to the Bionic ASPM platform, including risk scoring to prioritize business-critical risks, and product integrations with Jira and ServiceNow
- Identification as a 2021 Gartner Cool Vendor in DevSecOps
To learn more about Bionic and ASPM, visit bionic.ai o request a demo. To join the Bionic team, check out our career page.
About Bionic
Bionic is an Application Security Posture Management (ASPM) platform that proactively reduces security, data privacy, and operational risk by continuously evaluating 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 It’s yours and Eyal Mamo and based on Palo Alto, CA.
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