BigID has successfully raised $146.1 million over five funding rounds, demonstrating significant investor confidence in its data visibility and control platform. The company's solutions focus on data security, compliance, privacy, and AI governance.
Keep reading to explore the intricacies of BigID's fundraising journey and the investors backing this innovative platform.
What Is BigID?
BigID, founded in 2016 by Nimrod Vax and Dimitri Sirota, is headquartered in New York City with additional locations in London and New York. The company specializes in data visibility and control, offering solutions for data security, compliance, privacy, and AI governance.
BigID's modular platform addresses data risk across various domains, including data discovery, classification, and security posture management. Their tools help organizations scan, find, and classify data, manage it holistically, and take action on high-risk data to reduce risk and improve security posture.
With a team of 51-200 employees, BigID is dedicated to transforming enterprise protection and privacy of personal data, helping organizations track and govern customer data for regulations like GDPR using data science.
How Much Funding Has BigID Raised?
- Seed Round
- Amount Raised: $2,100,000
- Date: June 2016
- Lead Investors: BOLDstart Ventures
- Motivation Behind the Round: To hire the first engineer and start building the product.
- Series A
- Amount Raised: $14,000,000
- Date: January 2018
- Lead Investors: Comcast Ventures, SAP.io, ClearSky Security Fund, BOLDstart Ventures
- Motivation Behind the Round: To grow the idea, expand the team, and continue developing the product to help companies manage private customer data and comply with data privacy regulations like GDPR.
- Series B
- Amount Raised: $30,000,000
- Date: June 2018
- Lead Investors: Scale Venture Partners
- Motivation Behind the Round: To expand the partner go-to-market strategy, secure enterprise deals, and provide a longer runway for growth.
- Series C (First Round)
- Amount Raised: $50,000,000
- Date: September 2019
- Lead Investors: Bessemer Venture Partners
- Motivation Behind the Round: To scale the company and enhance its data security and compliance solutions.
- Series C (Second Round)
- Amount Raised: $50,000,000
- Date: January 2020
- Lead Investors: Tiger Global Management
- Motivation Behind the Round: To further expand market reach and accelerate product development.
Total Amount Raised: $146.1 million. Current Valuation: Not specified.
Key Investors
- Scale Venture Partners
- Details: Scale Venture Partners is a venture capital firm that led BigID's Series B round. They focus on scaling companies beyond product/market fit to consistent revenue growth.
- Investment Focus Areas: Enterprise software, SaaS, cloud infrastructure.
- Notable Investments: Box, DocuSign, HubSpot.
- ClearSky Security
- Details: ClearSky Security is a venture capital firm specializing in cybersecurity and critical infrastructure investments. They have been a consistent investor in BigID.
- Investment Focus Areas: Cybersecurity, critical infrastructure, industrial technology.
- Notable Investments: Cylance, Verodin, Dragos.
- Comcast Ventures
- Details: Comcast Ventures is the venture capital affiliate of Comcast Corporation, investing in innovative technology companies. They participated in BigID's Series A round.
- Investment Focus Areas: Consumer, enterprise, infrastructure.
- Notable Investments: Nextdoor, Houzz, FanDuel.
- BOLDstart Ventures
- Details: BOLDstart Ventures is an early-stage venture capital firm that was a seed round investor in BigID. They focus on enterprise software and infrastructure startups.
- Investment Focus Areas: Enterprise software, infrastructure, SaaS.
- Notable Investments: Snyk, BigID, SecurityScorecard.
- SAP.io
- Details: SAP.io is SAP's strategic business unit that invests in and accelerates early-stage startups. They have been involved in multiple funding rounds for BigID.
- Investment Focus Areas: Enterprise software, AI, machine learning.
- Notable Investments: BigID, Paradata, ClearMetal.
What's Next for BigID?
BigID stands at the cusp of significant growth opportunities, driven by the increasing importance of data privacy and security. With regulations like GDPR pushing companies to manage customer data more effectively, BigID's solutions are in high demand. The company is poised to expand its market reach, not just in Europe but also in the U.S., where data management concerns are equally pressing. Strategic partnerships with global systems integrators and investors like Comcast and SAP could further bolster their enterprise deals.
Future fundraising efforts are likely as BigID continues to scale. The rapid succession of their Series A and B rounds suggests a strong investor appetite, which could pave the way for Series C funding. However, challenges such as evolving regulatory landscapes and competition from other data security firms remain. Maintaining product quality while scaling operations will be crucial for BigID's sustained success.
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