BigID, the leader in data-centric personal data privacy and protection, announced that it has raised $50 million in Series C funding to help enterprises comply with global privacy regulation and meet their data protection needs.
Bessemer Venture Partners led the 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, partner at Bessemer Venture Partners, will join the BigID Board of Directors. BigID today also released a new version of its platform, BigID Enterprise, which has been eighteen months in development and builds on BigID’s AI innovations in data analysis for privacy.
BigID has now raised nearly $100 million in the last 18 months and has 150 employees globally. 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, data governance and protection.
“In the last few years, privacy has emerged as a rapidly expanding technology category like security did two decades ago,” said Alex Ferrara, Partner, Bessemer Venture Partners.
“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), the continued fallout from the Cambridge Analytica scandal and the ever-growing list of data breaches are requiring companies to rethink their approach to data privacy.
Most enterprises do not know all the data they collect or where it’s stored, increasing their risk of privacy violations, regulatory action, security incidents, and customer backlash. Companies across the world are increasing their investment in data compliance, privacy, and governance.
As a result, the data privacy market is estimated to reach $158 billion by 2024, according to Market Research Engine.
BigID is the first data intelligence platform that helps organizations get detailed insight into what and whose data they collect and process. 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.
BigID’s AI tools allow companies to comply with global data privacy regulations and be better privacy stewards for their customers.
“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 Dimitri Sirota, CEO, and co-founder of BigID.
“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.”
“Considering the millions of data points of structured and unstructured data held by organizations, automation through AI applications will be critical to achieving and demonstrating any level of real-world compliance.
“This is especially true when working with petabyte scale challenges, and low hanging fruit.” Gartner, “5 Areas Where AI Will Turbocharge Privacy Readiness,” Bart Willemsen.
Introducing the next generation of the BigID platform: BigID Enterprise
BigID Enterprise includes BigID’s complete platform capabilities with deeper data insights, unmatched data source coverage, support for data pipelines, first-of-its-kind scale and management, and a new app store for privacy, security, and data governance capabilities.
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.
Previously, the process for identifying and mapping sensitive data across enterprises was manual, prone to human error and required surveying employees on their data operations. Technology solutions that emerged were incomplete and inaccurate, built for specific data sources and failing to meet the current privacy, security and governance requirements.
BigID’s data discovery and intelligence platform helps companies comply with new global regulations like 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,” said Nimrod Vax, co-founder and Chief Product Officer of BigID.
“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.”
BigID Enterprise capabilities
Discovery, inventory and intelligence: BigID is the first of its kind AI driven data discovery that combines Correlation, Classification, Cataloging and Cluster Analysis to automatically identify data by type; correlate data elements back to a person or entity; extract, enrich and broker metadata; and find duplicate and similar data across the data landscape.
Data coverage: BigID is also the first data discovery and intelligence platform that provides a single view of customer, employee, client, patent or any class of data across the data landscapes.
BigID has complete support for unstructured data servers, structured relational databases, big data and data lakes, on-premises and cloud data warehouses, messaging platforms like email and Slack, all data types in AWS, Azure, Google Cloud, major SaaS apps like Salesforce and Workday, applications like SAP, Oracle and SIEM data sources.
Data pipelines and data in motion: BigID now offers industry-first support for modern high-speed data pipelines. Many organizations now build AI/ML, business intelligence, and big data pipelines to process petabytes of data in real-time.
BigID provides scalable data discovery and governance to the data pipeline stacks, including Kafka and Kinesis, along with external API PII and PI identification. This allows organizations to process large volumes of data while complying with emerging data and privacy regulations.
Scale and management: BigID’s micro-service architecture is now fully manageable via Kubernetes in the data center or cloud. Scans can be split to any level of granularity for added speed and resiliency. The entire platform can be orchestrated via Swagger documented APIs.
3rd-party integrations: BigID Enterprise now includes new out-of-the-box integrations for OneTrust, Collibra, RSA, Salesforce, SAP, CyberArk, AWS, Microsoft, IBM and more, along with a new SDK framework for custom build integrations.
App store for data-oriented privacy, security and governance: With BigID Enterprise, BigID now offers dedicated apps for advanced data automation and workflow in privacy, security and governance. Available apps include advanced data rights fulfillment, third-party data monitoring, consent governance, transfer policy, data risk, labeling, open access monitoring and data registry to give some examples.
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Industry News, Khareem Sudlow
