BigID 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.
The company also released a new version of its platform, BigID Enterprise, which builds on its AI innovations in data analysis for privacy.
According to BigID, global privacy regulations such as 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, and increase 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 has 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.
BigID Enterprise includes BigID’s complete platform capabilities 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.
“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 is based in New York and Tel Aviv. For more information, go to www.bigid.com.