October 16, 2016, marks the 15th anniversary of Bay Dynamics. Since my co-founder, Ryan Stolte, and I founded the company in 2001, Bay Dynamics has significantly evolved.
When people ask us why we started Bay Dynamics, we always get a kick out of explaining that our company was not started because of a “brilliant idea.” Since its infancy, Bay Dynamics has been a people company. Ryan and I started Bay as an excuse to work together. That remains at our core and a huge part of our culture. We started by providing analytics, and IT and security consulting to the enterprise. As we progressed and worked closely with our clients, we were able to identify a gap in the market and that’s how we recognized that we were more passionate about cyber risk analytics software and creating our own products. So, instead of straddling both, we chose the product route, transitioning from consulting to developing and selling our own software. At that time, it was not the biggest revenue generator, however it was and continues to be our biggest opportunity.
We launched what is now our flagship cyber risk analytics platform – Risk Fabric® – in 2013. Risk Fabric enables some of the largest companies in the world to prioritize and remediate security exposures impacting their most critical IT systems and data assets. Last year Bay Dynamics’ annual recurring revenue growth percentage on Risk Fabric was 326 percent with zero customer turnover. We have seven issued patents in the cyber risk analytics space with numerous others pending.
On the funding side, we took a “product first, money second” approach, refining our products, building our customer base and gaining customers’ trust before receiving Series A funding in 2014 from Comcast Ventures, and Series B funding in 2016 led by Carrick Capital Partners.
Bay Dynamics has also significantly grown its customer-base, partnerships and internal team during the past decade and a half. From the outside, Bay Dynamics is almost unrecognizable from the company we founded 15 years ago, however on the inside, the core components remain, and are stronger today than ever before – people and problem solving.
We knew opening a company during the dot com bust was risky, however we also knew that our like-mindedness, nimbleness and drive would enable us to persevere. From that point on, we strived and continue to strive to surround ourselves with likeminded teammates, and build a culture of accountability and excellence. We seek out employees who have the right combination of aptitude and attitude. Individuals who feel the relentless passion we do to solve real business problems, understand it takes a team to accomplish big dreams and have actionable ideas of how to achieve those goals.
As the cyber security industry rapidly changes, and the pressure to protect valued assets becomes greater than ever before, we focus on ensuring our Risk Fabric platform enables enterprises to effectively use the limited cyber security resources they have and the many security tools in which they invested to reduce cyber risk to their most valued assets. Understanding the pains of enterprises and helping them solve those pains will always be a top priority at Bay Dynamics. We feel lucky to be a part of and will always embrace the ever-evolving security technology industry and its mission to beat the bad guys.
Looking ahead, we anticipate even more growth. We plan to expand our partnerships and our market reach. We recently released an updated version of Risk Fabric, making it the only solution on the market that automatically delivers prioritized threat and vulnerability information based on the value of assets at risk. We will continue to be relentless in solving complex problems and helping our customers. And no matter the challenges ahead, we are looking forward to overcoming and learning from them.