BigID raises $60 million to accelerate AI data security innovation
BigID announced that it closed a $60 million growth round led by Riverwood Capital with participation by Silver Lake Waterman and Advent.
With the strong momentum of generative AI, enterprises have rushed to stand up new initiatives that drive productivity behind novel use cases leveraging documents, images, code, chats and other types of “unstructured” and structured data. Before BigID was launched into the market in 2018, data security products were purpose-built for specific data types.
The company has since pioneered the concept of universal data security, compliance and privacy across any data type – including structured, unstructured and semi-structured – across environments in the public cloud, SaaS, and on-premise data center. Given BigID’s extensible platform, it has helped drive customer ROI as enterprises build out their modern data infrastructure.
Building on its deep domain experience in the classification, compliance and contextualization of unstructured data, BigID recently introduced new data hygiene capabilities for the generative AI data pipeline from discovery through staging and enrichment, as well as new controls for detecting and tracking model access to sensitive data. With this latest funding, BigID aims to accelerate both organic and inorganic expansion in AI data security and compliance.
“In five years BigID has grown from first customer to almost $100 million in recurring revenue, helping global enterprises meet their expanding data security, compliance, privacy and governance needs in the hybrid cloud,” said Dimitri Sirota, CEO of BigID. “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.”
“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,” said Francisco Alvarez-Demalde, Co-Founder and Managing Partner, Riverwood Capital.
“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,” added Alvarez-Demalde.
“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,” said Shawn O’Neill, Managing Director and Group Head of Silver Lake Waterman. “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.”