Bionic Appoints AppDynamics Sales and Operations Veteran Phil Coady as First Chief Revenue Officer

Company sees a 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., Oct. 11, 2022 /PRNewswire/ -- Bionic, the 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 several of the world's largest banks, pharmaceuticals, insurance providers, sports leagues, and automotive manufacturers.

Coady brings more than two decades of experience leading sales and operations teams for various hyper-growth startups and late-stage technology companies. Coady joins Bionic from AppDynamics, where he served as Chief Operating Officer (COO), and before that, Group Vice President of Sales for the Americas. Before AppDynamics, Coady led global and regional sales and operations teams for Medallia, Clarabridge (Qualtrics), Motionsoft, Saba Software, and Plateau Systems.

"Enterprises of every size and industry are realizing that ASPM solutions are powering modern business, from finance, insurance and retail, to automotive, SaaS, and professional sports," said Idan Ninyo, Bionic co-founder and CEO. "Phil brings vast 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 onboard as we continue to bring industry-first DevSecOps technology to our global customers and partners."

"There is nothing more business-critical for enterprises than identifying and mitigating risk. Advancements in cloud and cloud-native have opened up the surface area of applications to new risks– new attack vectors, threat actors, and business risks beyond the scope of existing security tools and processes that focus on infrastructure and the network," said Bionic CRO Phil Coady. "Bionic is uniquely positioned to help companies secure what wasn't anticipated and proactively identify the risks and vulnerabilities from pre-prod to production environments. I am thrilled to join Bionic as we continue to solve this problem for the world's largest customers."

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
• Increased customer logos by 700% YoY, with dozens of active customer accounts
• Increased headcount by 119% YoY, with more than 100 employees in Palo Alto and Tel Aviv offices, as well as remote locations
• Established first global channel program, with new partnerships including Amazon Web Services (AWS), GuidePoint, and Optiv
• Expanded into EMEA with an operation in UK to support customers such as Aston Martin
• Added feature capabilities to the Bionic ASPM platform, including risk scoring to prioritize critical business risks, and product integrations with Jira and ServiceNow
• Recognition as a 2021 Gartner Cool Vendor in DevSecOps

To learn more about Bionic and ASPM, visit bionic.ai or request a demo. To join the Bionic team, check out our careers page.

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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SOURCE Bionic