Startup Bionic Raises $65M in Series B Round

Application management platform Bionic has closed a Series B round for $65 million, according to a Monday (March 21) press release emailed to PYMNTS.

Per the release, Bionic’s services are useful due to the business adoption of CI/DC, microservices and serverless technologies, where the surface area of applications have been changing to incorporate drift, new attack vectors and various new risks.

Additionally, alongside new data privacy regulations like General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), personal data on the cloud needs to be managed and secured.

The Series B round was led by Insight Partners, along with existing investors Cyberstarts and Battery Ventures. The firm plans to use the funds to expand investment in research and development (R&D) and scale its sales and customer success teams.

Bionic launched from stealth in December 2020 and has been helping companies accelerate digital transformations and get rid of risks from their application security.

Steve Ward, managing director at Insight Partners, praised Bionic’s ability to provide “complete visibility and detection for your application architecture and data flow with an innovative agentless approach.”

He said the platform will allow for mapping application dependencies and components that will help deal with security risks.

“Bionic’s founding team, with its deep understanding of the domain and strong technical experience, have made the company a standout in the industry,” he continued. “We look forward to partnering with the Bionic team as they continue to grow and Scale Up.”

PYMNTS recently wrote that when asked about digitizing, most companies would say it was a very important part of boosting their balance sheets.

Read more: New Data: Most Companies See Payments Digitization an Important Strategy

Companies in sectors like healthcare, finance, travel and retail have looked into ways it could be improved — including over 90% saying accounts payable (AP) and accounts receivable (AR) were very important things to improve.

The data also found that an overwhelming majority of the companies surveyed think supervision of their asset investments is important.