NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--BigID Inc., a leader in enterprise data protection and privacy for personal data, today announced that it has raised $14 million in Series A funding. New investors in the round include ClearSky Security, Comcast Ventures and the SAP.iO Fund, among others. Previous investors, including BOLDstart Ventures, also participated in the Series A round. The round brings total funding to date to $16.1 million. BigID will use the funding to grow its engineering team in Israel and expand global sales and marketing to accelerate the adoption of the company’s data-driven personal information (PI) protection, privacy and governance platform.
BigID also announced today that ClearSky Security Managing Director and former Blackstone CISO Jay Leek joined its board of directors.
Based in the U.S. with engineering headquarters in Tel Aviv, Israel, BigID was founded by veterans of the identity, data protection and big data markets to transform how enterprises protect and manage the privacy of personal data. The company’s platform uniquely combines machine learning with identity intelligence to find, track and de-risk identity data at petabyte scale.
“On the eve of GDPR and in the midst of endless mega breaches, we’re in a new era of personal data rights,” said Jay Leek. “Individuals now have a fundamental right to their data. For data controllers – the enterprises collecting and storing this data – this right means that they will need to be more accountable and transparent with the way they protect customer data. BigID is uniquely positioned to help companies meet the new set of data governance, protection and compliance requirements, and is an exciting opportunity for ClearSky Security.”
BigID launched its initial product in mid-2017 to help organizations address the data protection, privacy and governance requirements of emerging regulations like China’s Cybersecurity Law and the European Union’s General Data Protection Regulation (GDPR), which goes into effect on May 25, 2018. In doing so, the company is first to market with a solution that:
- provides enterprises the unique ability to find any person’s data across an enterprise to meet GDPR Data Subject Requirements;
- enables real data-driven inventory and mapping to automate GDPR Article 30 Record Keeping requirements; and
- empowers enterprise data protection officers (DPOs) with an ability to capture GDPR-required purpose-of-use, consent and retention information without error-prone manual processes.
“Enterprises already favor SAP solutions for their out-of-the-box compliance and governance features, as well as their integrations with SAP’s market-leading GRC offerings,” said Ram Jambunathan, Managing Director of SAP.iO. “We are excited about the potential for BigID to further enhance the ability of SAP customers to discover, map, and correlate personal data across their enterprise business applications to orchestrate and automate the GDPR compliance processes.”
According to Gartner,1 “Privacy protection is critical to consumer and employee trust. Moreover, evolving privacy legislation creates a new business case for compliance with regulatory requirements. Privacy management programs include requirements directing IT operations and personal data protection throughout the entire data life cycle.” The report continues, “Therefore, a privacy management program, sometimes described in the form of a standard, has to have a holistic view for the entire organization.”
“Customers are the lifeblood of any business and unless an organization can properly safeguard the security and privacy of their customer data they will not survive in the digital economy,” explained Dimitri Sirota, CEO at BigID. “Regulations like GDPR crystallize the need for companies to understand their data. BigID gives companies a first-of-its-kind way to find, secure and govern their identity data across the data center and cloud. After all, you can’t know your customer unless you first know their data.”
BigID announced its Series A funding in conjunction with CyberTech Israel, the most significant conference and exhibition of cyber technologies outside the United States. BigID will demo its product suite in Booth 35 at the event January 29-31, 2018. To schedule a demo outside of CyberTech Israel, go to http://bigid.com/demo or contact BigID at info@bigid.com.
1 Gartner “The Four Do’s and Don’ts of Implementing Your Privacy Program,” Bart Willemsen, Prateek Bhajanka, August 24, 2017.
About BigID Inc.
Based in New York and Tel Aviv, BigID uses advanced machine learning and identity intelligence to help enterprises better protect their customer and employee data at petabyte scale. Using BigID, enterprises can better safeguard and assure the privacy of their most sensitive data, reducing breach risk and enabling compliance with emerging data protection regulations like the EU General Data Protection Regulation. Learn more at http://bigid.com or visit http://bigid.com/demo to schedule a demo.
