Data protection firm BigID announced on Thursday that it has raised $50 million in a Series C funding round, which brings the total raised by the company to nearly $100 million.
The latest funding round was led by Bessemer Venture Partners, with participation from existing investors SAP.io Fund, Comcast Ventures, Boldstart Ventures, Scale Venture Partners and ClearSky, and new investor Salesforce Ventures.
The money will be used to develop new data protection, privacy and governance products, meet the growing demand for the company’s technology, and expand global sales and engineering.
BigID has pointed out that the data privacy market is expected to reach $158 billion by 2024.
BigID provides solutions designed to help organizations gain insight into the data they collect and process. The company’s products can be used to find, classify and inventory sensitive data and automate data protection, privacy and governance tasks to help customers comply with data privacy regulations.
The company on Thursday also announced the immediate availability of a new product, BigID Enterprise. The new product offers a wide range of capabilities for data discovery, inventory and intelligence, and it provides support for unstructured servers, relational databases, big data and data lakes, cloud and on-premises warehouses, email and other messaging platforms, SaaS and ERP apps, and cloud environments powered by AWS, Microsoft and Google.
It also supports high-speed data pipelines, allowing organizations to process large volumes of data while ensuring compliance with data and privacy regulations, and it integrates with products from companies such as RSA, Salesforce, IBM, AWS, SAP, Microsoft, CyberArk and OneTrust.
BigID Enterprise provides dedicated apps for data automation and workflow, including for third-party data monitoring, data risk, consent governance, labeling, data rights fulfillment, and open access monitoring.
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