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Today, application security posture management platform Bionic announced that it had closed its series B funding round with $65 million in funding to expand its research and development, and expand its customer success teams.
Fundamentally, Bionic is attempting to provide enterprises and technical decision makers with a solution they can use to protect against threats at the application level, which are unaddressed by traditional IT security approaches.
Maintaining visibility in the era of complexity
The widespread deployment of the cloud and apps in the workplace created a mountain of new possibilities, but it also increased the attack surface of the network to the extent that hackers regularly target third-party applications, microservices, and serverless tools to break into enterprise environments.
Research shows that 50% of apps have security vulnerabilities, which is complicated by the fact that many applications are designed for web and mobile, with API-interfaces that on-site security teams rarely have the expertise to address.
Likewise, in scenarios where these vulnerabilities are exploited, the consequences can be disastrous. For instance, F5 suggests that 56% of the largest incidents in the last five years relate to a web application security issue, with the average incident taking 254 days to remediate.
Bionic’s answer to the application-based threats has been to offer a solution that provides more transparency over the application layer. With more visibility, users can identify risks to security or data privacy and develop a plan to mitigate them.
“Bionic provides complete visibility and detection for your application architecture and data flow with an innovative agent less approach. Their platform enables the mapping of application dependencies, components, and configurations, which is key in mitigating security risks introduced by continuous delivery,” said Steve Ward, managing director at Insight Partners, which led Bionic’s funding round.
Fixing application posture management
The organization is part of the application security market, which researchers valued at $6.38 billion in 2020 and expect to reach $15.76 billion by 2026 as more organizations develop their own apps and leverage open-source code.
Bionic is competing against a number of established providers, including Enso Security, which allows users to view an inventory of applications in use throughout the environment alongside analytics and risk scores, and which most recently raised $6 million as part of a seed funding round.
Another competitor is Armor Code, another application security posture management solution that offers continuous visibility into applications, with vulnerability management, auditing and reporting, and most recently closed its seed funding round with $11 million.
Since its formation in 2020, Bionic has attempted to differentiate itself from competitors by offering an application security posture management platform that’s designed to maintain the security of applications in production in a continuous delivery environment.
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