Data security startup BigID valued at over $1 billion after $60 million round

BigID Inc., a startup that helps businesses keep their data secure, has raised $60 million in new funding at a valuation of more than $1 billion.

For details about the company, announcement Riverwood Capital was identified as the lead investor in Monday’s round. Silver Lake Waterman and Advent participated as well.

Sean O., Managing Director of Silver Lake Waterman, said: “The rapid growth of generative AI is driving new cybersecurity needs. We built it.” “Neil.

A typical enterprise’s systems have a large number of business records, making it difficult to track the data protection settings for each file. As a result, it may be difficult to identify records that have been stored insecurely. New York-based BigID has built a cloud platform that can automatically map files in corporate networks, identify whether they contain sensitive data, and uncover cybersecurity issues.

The more copies of your business records, the more opportunities hackers have to try to access their contents. BigID says its platform helps administrators identify and remove unnecessary copies of data. Additionally, this software detects files that are accessible by more users than necessary.

BigID’s platform can find cybersecurity issues impacting the records that businesses store in the cloud. The software also scans records stored in other environments, such as code repositories and on-premises mainframes. The dashboard displays a list of data assets that are stored insecurely, the severity of the issue, and how to resolve the issue.

BigID allows businesses to define rules that govern how sensitive records are managed. For example, an administrator can specify that a customer’s purchase log be automatically deleted two years after its creation. You can also create rules to encrypt and mask files, or tasks to replace sensitive information in documents with random values ​​to reduce associated cybersecurity risks.

Reducing the likelihood of data breaches is not the only use case where BigID’s platform can be applied. The company says its platform is also suitable for migration to the cloud. The software provides information about where a company’s business records are located and how they are stored, allowing administrators to easily move these files to new off-premises environments.

Another focus for BigID is regulatory compliance. Some privacy regulations require companies to disclose what information they store about their customers and delete that information upon request. BigID provides tools that automate much of the manual work involved in processing privacy requests.

During this week’s funding milestone, the company revealed that its platform generates nearly $100 million in annual recurring revenue. BigID said proceeds from the round will be donated to “organic and inorganic” growth initiatives. These efforts will focus on the cybersecurity and regulatory compliance markets.

image: big id