- Data-centric personal data privacy and protection company BigID announced it raised $50 million in Series C funding led by Bessemer Venture Partners
BigID — a leader in data-centric personal data privacy and protection — announced at the TechCrunch “TC Sessions: Enterprise 2019” Conference that it raised $50 million in Series C funding. This round of funding will be used to help enterprises comply with global privacy regulation and meet their data protection needs.
Bessemer Venture Partners led the funding round with participation from existing investors SAP.io Fund, Comcast Ventures, Boldstart Ventures, Scale Venture Partners, and ClearSky as well as new investor Salesforce Ventures. Alex Ferrara, a partner at Bessemer Venture Partners, will join the BigID Board of Directors in conjunction with the funding round.
Including this round of funding, BigID has now raised nearly $100 million in the last 18 months and has 150 employees globally. And the new funds will help BigID meet the growing demand for its technology, expand global sales and engineering and introduce new products for data privacy, and data governance and protection.
BigID also announced it released a new version of its platform called BigID Enterprise — which has been 18 months in development and builds on BigID’s AI innovations in data analysis for privacy.
“We’re thrilled with the vote of confidence from Bessemer, Salesforce Ventures and our existing investors. While we weren’t looking for new funding and hadn’t even touched our Series B, the added capital infusion provided us a way to bring forward our product and expansion plans while delivering our global clients, unmatched worldwide support and service,” said BigID CEO and co-founder Dimitri Sirota. “Privacy and governance of personal data is a defining 21st-century problem as commerce and communication shift online. However, ensuring the integrity and protection of personal data requires companies go beyond privacy policy and process and deliver customers true data-level accountability and transparency. BigID is quickly establishing itself as a leader here.”
“In the last few years, privacy has emerged as a rapidly expanding technology category like security did two decades ago,” added Ferrara. “After spending considerable time looking at the vendor landscape we saw BigID as an emerging winner in the area of data-centric privacy and protection. BigID’s sales momentum, rapid revenue and customer growth, amazing team and technology drove our investment and will solidify the company as the undisputed leader in the space.”
New global privacy regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) along with the continued fallout from the Cambridge Analytica scandal and the long list of data breaches are requiring companies to rethink their approach to data privacy.
Many enterprises do not know all the data they collect or where it is stored thus increasing their risk of privacy violations, regulatory action, security incidents, and customer backlash. So companies across the world are increasing their investment in data compliance, privacy, and governance. This is why the data privacy market is estimated to reach $158 billion by 2024, according to Market Research Engine.
BigID is considered the first data intelligence platform that helps organizations get detailed insight into what and whose data they collect and process. And Using BigID’s suite of products, enterprises can find, classify, inventory and map all their sensitive data, and automate critical data privacy, protection and governance tasks like personal data rights and data sharing. Plus BigID’s AI tools allow companies to comply with global data privacy regulations and be better privacy stewards for their customers.
BigID Enterprise includes BigID’s platform capabilities with deeper data insights, unmatched data source coverage, support for data pipelines, scale and management, and a new app store for privacy, security, and data governance capabilities. And the new platform’s data intelligence provides additional context to a company’s data, including answers to important privacy, security and governance questions around consent, access, purpose, and destination.
In the past, the process for identifying and mapping sensitive data across enterprises was manual, prone to human error, and required surveying employees on their data operations. And technology solutions that emerged were incomplete and inaccurate, built for specific data sources and failing to meet the current privacy, security and governance requirements. And BigID’s data discovery and intelligence platform helps companies comply with new global regulations such as GDPR and CCPA and meet their data privacy, security and governance needs by cataloguing, classifying, clustering and correlating all the data companies collect.
“For too long, companies tried to solve their data privacy needs with recollection, not records,” added BigID co-founder and head of product Nimrod Vax. “BigID Enterprise is unmatched in the market, the culmination of our deep expertise in data operations, AI, privacy, security and governance. Our new investment will help us accelerate product development to address new customer needs.”
