Bishop Fox
Offensive security firm that pen-tests networks, apps, and attack surfaces for large enterprises.
On the record
Checkpoint: GigaOm ASM Radar Report, next edition could reposition Cosmos against AI-native attack surface entrants
The call
Bishop Fox is profitable and growing revenue, but its funding has gone stale for 44 months while AI tools chip at the cheap end of its business.
Bishop Fox is a cybersecurity company that tests whether large corporations can be hacked, finding vulnerabilities before bad actors do. They have built a 20-year reputation and real customers at Fortune 100 companies, but they compete against bigger names like IBM X-Force, Mandiant, and CrowdStrike who can do the same work, plus cheaper AI-powered startups that automate some of the testing work. The one thing that could change everything is whether the high-value, complicated hacking tests that only humans can do (and that Bishop Fox specializes in) grow faster than the cheaper, automated testing shrinks their business, or whether they can raise money or go public at a good price soon.
Why
01
AI pressure: AI-native pen-test platforms like Pentera and XBOW, plus LLM-based automation. AI automation is compressing commodity-tier testing revenue while Bishop Fox races to fold AI into Cosmos and AIMap to defend margin. Could AI do the core job? Only partly.
02
Bigger players: IBM X-Force, Mandiant (Google Cloud), CrowdStrike, Secureworks, NCC Group. All already sell offensive security services, nothing stops them from underpricing or bundling Bishop Fox out of F100 deals. Could a giant copy it? Yes, easily.
03
What protects it. Liability-bearing human attestations, F100 relationships built over 20 years, and Cosmos hooks into ServiceNow and Jira workflows.
What would change this call
Bishop Fox announces a new priced funding round, IPO filing, or acquisition talk. Shows whether investors value the company above or below its Nov 2022 round.
Bishop Fox discloses Cosmos platform ARR as share of total revenue. Shows whether the AI platform is becoming a real recurring-revenue business, not just a service add-on.
Bishop Fox announces layoffs or hiring freezes beyond the 2023 round. Would indicate cost pressure or slowing demand rather than healthy scaling.
Bishop Fox discloses Cosmos platform ARR as share of total revenue. Shows whether the AI platform is becoming a real recurring-revenue business, not just a service add-on.
Bishop Fox announces layoffs or hiring freezes beyond the 2023 round. Would indicate cost pressure or slowing demand rather than healthy scaling.
Key numbers
- ARR grew nearly 60% year over year
- $154M+ raised lifetime, last round $46M
- 375 employees, down ~2% year over year
Named risks
- No new priced funding round since November 2022, now 44+ months stale in a hot security funding market.
- Flat to modest headcount growth (Crustdata score 26/100) may precede a second workforce correction.
- AI-native competitors like Pentera and XBOW compress commodity-tier pen-testing pricing.
- Crowded field of 30+ named competitors limits differentiation and pricing power.
- Reputational sensitivity persists from 2023 RSA-party layoff controversy.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| IBM X-Force | contesting | Broader security portfolio subsumes pen testing as one line item, not structurally blocked from competing |
| Mandiant (Google Cloud) | contesting | Adjacent incumbent giant offering offensive security services alongside Bishop Fox |
| Pentera | gaining on | AI-native automated pen-testing startup compressing commodity-tier labor pricing as of 2026 |
| CrowdStrike | contesting | Large platform vendor with adjacent security services capability, no named logo loss confirmed |
| XBOW | gaining on | LLM-based automated pen-testing entrant cited as compressing commodity-tier revenue in 2026 market |
Questions people ask
- Is Bishop Fox profitable?
- Bishop Fox does not publicly disclose profitability. It reports ARR grew nearly 60% year over year as of February 2025, but third-party revenue estimates range widely from about $73.5M to $113M, and no audited financials are public.
- Did Bishop Fox have layoffs?
- Yes. On May 2, 2023, Bishop Fox laid off approximately 50 employees, about 13% of its workforce, citing macroeconomic conditions, drawing criticism because it came days after a widely publicized RSA Conference party.
- Could AI replace Bishop Fox's pen testers?
- Not fully as of 2026. Bishop Fox markets a human in the loop model for liability bearing attestations needed for compliance sign off, while using its own Cosmos AI (launched Feb 10, 2026) to automate commodity scanning and recon rather than being displaced by it.
- Who is Bishop Fox's biggest competitor?
- Bishop Fox competes in a crowded field of 30+ named offensive security firms including NetSPI, Synack, Cobalt, Pentera, NCC Group, and larger players like IBM X-Force, Mandiant (Google Cloud), and CrowdStrike, none of which are structurally blocked from the space.
- Who owns Bishop Fox?
- Bishop Fox is privately held and venture-backed, with investors including Carrick Capital Partners, WestCap, NextEquity Partners, Rockpool Capital, Forgepoint Capital, Modo Capital, and 1843 Capital; it has raised over $154M lifetime as of its November 2022 Series B extension.
- Has Bishop Fox raised money recently?
- No. Its last funding event was a $46M Series B extension led by WestCap in November 2022, bringing that round to $129M and lifetime funding past $154M; as of mid 2026 that is over 44 months without a new priced round.
Timeline
- 2026-05-06AIMap findings reported: over 175,000 exposed Ollama instances, over 8,000 open MCP servers globally
- 2026-04-30Bishop Fox launches AIMap, open-source AI-endpoint discovery and testing tool
- 2026-02-26Named Leader and 5th consecutive year Fast Mover in GigaOm 2026 ASM Radar among 32 vendors
- 2026-02-10Bishop Fox launches Cosmos AI, proprietary AI engine for AI-augmented penetration testing
- 2025-03-11Cosmos platform integration with Jira announced
- 2025-02-11Christopher Martin appointed Chief Operating Officer
- 2024-09-26Cosmos platform integration with ServiceNow announced
- 2023-05-03Bishop Fox lays off about 50 employees, roughly 13% of workforce
- 2022-11-15Series B extended by $46M led by WestCap, bringing round to $129M
- 2022-07-14Series B: $75M raised, led by Carrick Capital Partners
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Bishop Fox Company Profile: Financials, Valuation, and Growth (2024-03-14)
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-06-17)
- Bishop Fox 2026 Company Profile: Valuation, Funding & Investors
- Bishop Fox Secures $75 Million in Growth Funding (2022-07-14)
- Bishop Fox Extends Series B Funding to $129M (2022-11-15)
- Bishop Fox Triples Annual Recurring Revenue and Reports Record Customer Growth (2022-01-26)
- Bishop Fox appoints Christopher Martin as Chief Operating Officer (2025-02-11)
- Bishop Fox Announces Cosmos Integration with ServiceNow (2024-09-26)
- Cosmos ASM Platform Named Only Leader in GigaOm Maturity Report
- Bishop Fox - Headcount, Funding & Open Jobs (2026-07-08)
- Bishop Fox lays off employees days after throwing conference party (2023-05-03)
- Blog Post #1: Principles for the New Cosmos Platform (2026-03-30)