BigID Raises $50M To Help Businesses Comply With Privacy Regulations

BigID, an Israeli-American startup helping enterprises with data protection and privacy, announced the closure of a Series C funding round of $50 million led by Bessemer Venture Partners, with participation from existing investors SAP.io Fund, Comcast Ventures, Boldstart Ventures, Scale Venture Partners and ClearSky, as well as new investor, Salesforce Ventures.

BigID is based in New York with offices in Tel Aviv. The company said it will use the funds to meet the growing demand for its technology, expand global sales and introduce new products for data privacy, data governance and protection.

Founded in 2016, the company developed a data intelligence platform that “helps organizations get detailed insight into what and whose data they collect and process.” Using BigID 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,” allowing them to comply with global data privacy regulations and protect customer privacy.

BigID said that new global privacy regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), as well as the continued fallout from the Cambridge Analytica scandal and the 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,” it said in the statement.

“Privacy and governance of personal data is a defining 21st-century problem as commerce and communication shift online, said Dimitri Sirota, CEO and co-founder of BigID, in a company statement. “However, ensuring the integrity and protection of personal data requires [that] 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,” said Alex Ferrara, partner at Bessemer Venture Partners who will be joining BigID’s board of directors. “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.”

BigID has raised close to $100 million in funding to date.