Thursday, April 18, 2024
HomeFunding NYC-based BigID Secures $60Million in Growth Funding

[Funding alert] NYC-based BigID Secures $60Million in Growth Funding

BigID, AI-augmented data security company secures $60million in growth funding. Riverwood Capital led the round, which raised a total of $320 million at a valuation of over $1 billion. Silver Lake Waterman and Advent also participated.

BigID, AI-augmented data security company secures $60million in growth funding. Riverwood Capital led the round, which raised a total of $320 million at a valuation of over $1 billion. Silver Lake Waterman and Advent also participated.

The funding will be used by the business to expedite both inorganic and organic growth in AI data security and compliance.

Under the direction of CEO Dimitri Sirota, it enables businesses to understand their company data and take appropriate action for data-centric security, privacy, and compliance as well as for AI innovation and cloud and public cloud governance. Customers use BigID to proactively find, manage, safeguard, and increase the value of their sensitive, private, and regulated data across their entire data environment.

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The business recently released additional controls for identifying and monitoring model access to sensitive data, as well as new data hygiene tools for the generative AI data pipeline from discovery through staging and enrichment.

Dimitri Sirota, CEO and Co-founder of BigID said, “In five years BigID has grown from first customer to almost $100M in recurring revenue, helping global enterprises meet their expanding data security, compliance, privacy and governance needs in the hybrid cloud, With corporate attention now turning to enabling responsible and trusted AI, BigID is uniquely-positioned to help companies address the novel challenges of unstructured training data, including quality, bias, privacy, access, sovereignty and more. This funding gives BigID additional capital to accelerate and scale organic and inorganic growth.”

Francisco Alvarez-Demalde, Co-Founder and Managing Partner, Riverwood Capital said, “We have long admired the platform Dimitri and the BigID team have built which unifies a fragmented and complex market with a single solution to help organizations action their enterprise data across security, privacy, compliance and governance, We are excited to partner with what we consider to be a category leader with a software platform that can address data discovery, classification, management and security, as enterprises are increasingly faced with new complexities like the proliferation of data and cybersecurity risks, adoption of AI, role of the cloud, and evolving regulatory pressures.”

Shawn O’Neill, Managing Director and Group Head of Silver Lake Waterman said, “The exponential growth of generative AI is driving new cybersecurity needs, and the BigID team has built a leading data-centric security platform that sits at the core of enterprises to help protect their most critical data, We have enjoyed building our relationship with Dimitri and the BigID leadership team over the past five years and look forward to partnering and helping drive further success.”

About BigID

BigID is a pioneer in data security and compliance for the public and private cloud, helping to define new data security product categories like DSPM (Data Security Posture Management) and redefine categories like Data Discovery, Data Classification, Data Loss Prevention and and Data Access Management.

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BigID empowers organizations to know their enterprise data and take action for data-centric security, privacy, compliance, AI innovation, and governance. Customers deploy BigID to proactively discover, manage, protect, and get more value from their regulated, sensitive, and personal data across their data landscape.

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