BigID today announced a $ 30 million Series B round, following the closing of its $ 14 million investment in January. It was a hectic year for the start of data security in New York, as GDPR went into business and companies demanded their products.
The tour was led by Scale Venture Partners with the participation of previous investors ClearSky Security, Comcast Ventures, Boldstart Ventures, Information Venture Partners and SAP.io.
BigID has a product that helps companies to inventory their data, even very large databases, and to identify the most sensitive information, a convenient feature at the time when the privacy rules GDPR data come into effect. May require that companies doing business in the EU capture their customer data.
This is certainly something that has attracted the attention of Ariel Tseitlin from Scale Venture Partners. "We've talked to a lot of companies, about what they think more specifically about the GDPR, and more generally about how they think about data within their organizations, and we've received a very strong signal on regulation and how to prepare for it, but also more fundamentally, that CIOs and data managers do not have a good idea of the location of data within their organizations, "he said. he explained.
Dimitri Sirota, CEO and co-founder, says that GDPR is a good business driver, but he sees the potential to develop the data security market much more than just to comply with a regulatory decision . He says that US companies are calling, even some without operations in Europe, because they believe that entering their customer data is a fundamental business imperative.
Collage of BigID products. Image: BigID
The company plans to expand its go-to-partner market strategy in the coming months, another approach that could translate into increased sales. This will include global system integrators. Sirota says to expect ads involving the usual suspects in the coming months. "You will see during the next small part, several ads with many of the names you know in terms of market access and global relations," he said.
Finally, there are strategic investors in this business, including Comcast and SAP, which, Sirota says, will also help them obtain business contracts that they may not have. not yet realized. The $ 30 million track also gives customers who might have hesitated to do business with a young start-up, more confidence to close the deal.
BigID seems to have the right product at the right time. Tseitlin of Scale, who will join the board as part of the deal, certainly sees the potential of this company on a scale far beyond its current state.
"The area where we tend to spend a lot of time, and I think that's what attracted Dimitri as an investor, is that we really help in the phase growth of the company, "he said. True to its name, Scale strives to take the company to the next level, beyond the product and the market, where it can consistently deliver and grow revenue on a continuous basis. They did it with Box and DocuSign and others and hope that BigID will be next.