BigID, a company that specializes in helping organizations protect customer data and comply with privacy regulations, on Monday announced that it raised $30 million in a Series B funding round.
The funding round was led by Scale Venture Partners, which is a new investor in the company, with participation from previous investors ClearSky Security, Comcast Ventures, BOLDstart Ventures, Information Venture Partners, and the SAP.iO Fund. The funding will be used to “scale go-to-market and accelerate product introductions.”
BigID raised $14 million in a series A funding round in January and the latest round brings the total secured by the company to date to over $46 million.
The company is based in New York, but its engineering headquarters are in Israel. It also has a European office in London.
The BigID platform uses identity intelligence and machine learning to help enterprises identify, protect and manage personal data. The firm claims its product reduces the risk of breaches and enables compliance with data protection laws such as the EU’s recently introduced General Data Protection Regulation (GDPR).
“Our latest annual survey of C-level executives found that data privacy and lack of privacy controls are an increasingly pressing concern,” said Ariel Tseitlin, partner at Scale Venture Partners and a new member of 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. 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,” Tseitlin added.
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