With GDPR just months away from implementation, New York and Tel Aviv-based BigID has raised $14m to protect data.
BigID has closed its Series A financing round, which featured participation from ClearSky Security, Comcast Ventures, the SAP.iO Fund and BOLDstart Ventures. The round takes the company’s fundraising total to $16.1m, having previously raised $2.1m from Boldstart, Genacast Ventures and Deep Fork Capital in May 2016.
Its Series A funding will be used to grow its engineering team in Israel and expand global sales and marketing efforts according to a statement from the company. ClearSky Security managing director and former Blackstone CISO Jay Leek has also joined the company’s board of directors as part of the deal.
“On the eve of GDPR and in the midst of endless mega breaches, we’re in a new era of personal data rights,” said Leek. “Individuals now have a fundamental right to their data. For data controllers – the enterprises collecting and storing this data – this right means that they will need to be more accountable and transparent with the way they protect customer data. BigID is uniquely positioned to help companies meet the new set of data governance, protection and compliance requirements, and is an exciting opportunity for ClearSky Security.”
BigID uses advanced machine learning and identity intelligence to help enterprises better protect their customer and employee data at petabyte scale. Using the compnay’s platform Enterprises can safeguard their most sensitive data, reducing breach risk and enabling compliance with emerging data protection regulations like the EU General Data Protection Regulation.
The company launched its initial product last year to help organisations address the data protection, privacy and governance requirements of regulations like China’s Cybersecurity Law and GDPR.
It solution enables enterprises to find any person’s data across an enterprise to meet GDPR Data Subject Requirements and enables real data-driven inventory and mapping to automate GDPR Article 30 Record Keeping requirements. BigID’s technology also empowers enterprise data protection officers (DPOs) with an ability to capture GDPR-required purpose-of-use, consent and retention information without error-prone manual processes.
“Customers are the lifeblood of any business and unless an organization can properly safeguard the security and privacy of their customer data they will not survive in the digital economy,” explained Dimitri Sirota, CEO at BigID. “Regulations like GDPR crystallize the need for companies to understand their data. BigID gives companies a first-of-its-kind way to find, secure and govern their identity data across the data center and cloud. After all, you can’t know your customer unless you first know their data.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
