BigID, an AI-augmented data security, compliance, and privacy firm, has announced the closure of a significant $60m growth funding round.
This round was led by Riverwood Capital, with notable participation from Silver Lake Waterman and Advent. The company, founded in 2018, has redefined the landscape of data security by introducing a universal security, compliance, and privacy solution that caters to all data types, including structured, unstructured, and semi-structured, across various environments such as the public cloud, SaaS, and on-premise data centers.
The core of BigID’s offering is its pioneering approach to universal data security, which stands in stark contrast to the previously segmented products in the market, designed for specific data types. By encompassing all forms of data and offering extensive coverage across different environments, BigID has significantly contributed to enhancing customer ROI as companies evolve their data infrastructures to be more modern and comprehensive.
With the fresh injection of capital, BigID sets its sights on accelerating both organic and inorganic growth avenues within the AI data security and compliance sectors. This ambition is fueled by the company’s profound domain expertise in data classification, compliance, and the contextualization of unstructured data. Recently, BigID introduced innovative data hygiene capabilities tailored for the generative AI data pipeline, enhancing discovery, staging, enrichment processes, and introducing new controls for sensitive data access monitoring.
“In five years, BigID has grown from first customer to almost $100m in recurring revenue, helping global enterprises meet their expanding data security, compliance, privacy, and governance needs in the hybrid cloud,” BigID CEO and Co-founder Dimitri Sirota said. He also highlighted the shifting corporate focus towards enabling responsible and trusted AI, positioning BigID as a key player in addressing the challenges associated with unstructured training data, such as quality, bias, privacy, access, sovereignty, and more.
The investment round has drawn praise from industry leaders. Francisco Alvarez-Demalde, Co-Founder and Managing Partner at Riverwood Capital, commended BigID for unifying a fragmented market with a holistic solution that empowers organizations to manage their enterprise data across security, privacy, compliance, and governance facets effectively. Similarly, Shawn O’Neill, Managing Director and Group Head of Silver Lake Waterman, lauded the exponential growth and pivotal role of BigID in the cybersecurity ecosystem, especially in the era of generative AI.
This round of funding marks a significant milestone for BigID, positioning it for further success in a rapidly evolving market.
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