June 25, 2018 | BigID, a startup helping enterprises with data protection and privacy, announced Monday it has closed a $30 million Series B funding round. The company, which is based in New York, but has its engineering headquarters in Tel Aviv, raised money in a round led by US venture capital firm Scale Venture Partners with participation from previous investors ClearSky Security, Comcast Ventures, Boldstart Ventures, Information Venture Partners, and SAP.io. BigID will use the funding to “scale go-to-market and accelerate product introductions as its platform emerges as a standard for data-driven enterprise privacy management and personal data protection,” a statement said. To date, the company has raised $46.1 million in total funding, which includes a $14 million Series A round in January.
The company has established itself as a leader in data privacy automation, being named “Most Innovative Startup” at the 2018 RSA Innovation Sandbox Contest and a CB Insights 2018 Cyber Defender. It was also a 2018 Gartner Cool Vendor list for Privacy Management.
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The company claims it is “redefining data protection” and the cyberprivacy industry with a software that uses machine learning and identity intelligence technologies to help companies secure and track customer and employee data in order to reduce the risk of breaches and ensure compliance with data protection regulations.
The funding round comes at an important time for online data privacy, as the European Union’s General Data Protection Regulation (GDPR) data privacy regulations went into effect last month.
Amidst the Cambridge Analytica / Facebook scandal in March, BigID CTO and co-founder Nimrod Vax told NoCamels he believes that technology has more of a relevant purpose in the future of digital privacy than contracts like the one that was breached between Cambridge Analytica and Facebook.