Data protection and privacy company BigID has announced a $30 million Series B funding round, led by new investor Scale Venture Partners, with participation from previous investors ClearSky Security, Comcast Ventures, BOLDstart Ventures, Information Venture Partners and the SAP.iO Fund.
Coming less than five months after the company’s Series A round, the new round brings total disclosed investment in the company to $46.1 million. As part of the investment, Ariel Tseitlin, partner at Scale Venture Partners, will join BigID’s board of directors.
With the advent of the GDPR, more companies are shifting from manual and survey-based compliance to data-centric automation and operationalization.
– Ariel Tseitlin, Partner, Scale Venture Partners
BigID, founded in 2016 by Dimitri Sirota (CEO) and Nimrod Vax (Head of Product), is based in the US with engineering headquarters in Tel Aviv and a European office in London. Its platform uses machine learning to provide increased visibility into how enterprises store and govern personal data.
The new investment will be used to scale go-to-market and accelerate product introductions.
“Privacy has become a defining 21st century social and corporate issue, but it’s hard to ensure – even for the most sophisticated companies,” said Sirota. “Managing privacy to date has been based on policies and processes; not product. Our Series B round validates our unique approach to privacy management that takes into account not just what data enterprises are collecting and processing, but most importantly, whose data it is. We look forward to leveraging Scale Venture Partners’ proven track record to help us grow rapidly as companies race to comply with myriad regulations that are now impacting organizations around the world.”
GDPR coming into effect has put data privacy issues under the spotlight – not just for European companies but also for international businesses with European customers. Within the month after GDPR’s introduction, European data protection authorities received over 2900 complaints.
Our Series B round validates our unique approach to privacy management that takes into account not just what data enterprises are collecting and processing, but most importantly, whose data it is.
– Dimitri Sirota, CEO and Co-founder, BigID
Non-compliance, at the moment, doesn’t look like an option – the threat of significant fines, as well as reputational damages, has forced many companies to take the regulation seriously.
At the same time, the business impact of complying with GDPR, as well as other regulation such as EU member states’ own privacy and data protection laws, and related tasks such as PCI DSS compliance, is becoming clear. As such, it’s unsurprising that tools for automating the process are taking off.
“Our latest annual survey of C-level executives found that data privacy and lack of privacy controls are an increasingly pressing concern,” said Tseitlin. “With the advent of the GDPR, more companies are shifting from manual and survey-based compliance to data-centric automation and operationalization. BigID’s advanced privacy automation technology provides enterprises a first-of-its-kind ability to address critical privacy requirements like right to be forgotten and data usage record keeping at petabyte scale, across any data, on-premises or in the cloud.”