Highlights:

  • The proliferation of copies of a business record increases the likelihood of hackers attempting to access its contents. BigID’s platform is designed to assist administrators in pinpointing redundant data copies and facilitating their deletion.
  • Reducing the likelihood of data breaches is not the sole use case for which BigID’s platform can be employed. The company’s platform is also well-suited for facilitating cloud migrations.

BigID Inc., a startup specializing in assisting enterprises in ensuring the secure storage of their data, has secured USD 60 million in new funding, valuing the company at over a billion dollars.

BigID’s investment round was led by Riverwood Capital, with Silver Lake Waterman and Advent contributions.

Shawn O’Neill, Managing Director of Silver Lake Waterman, stated, “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.”

Managing data protection settings for each file in an enterprise’s systems becomes challenging due to the sheer volume of business records. Consequently, identifying records stored in an insecure manner can pose a challenge. BigID, headquartered in New York, has developed a cloud platform capable of automatically mapping the files within an organization’s network, detecting the presence of sensitive data, and pinpointing cybersecurity vulnerabilities.

The proliferation of copies of a business record increases the likelihood of hackers attempting to gain access to its contents. BigID’s platform is designed to assist administrators in pinpointing redundant data copies and facilitating their deletion. Moreover, the software identifies files that are accessible to a broader range of users than required, enhancing security by minimizing unnecessary access.

BigID’s platform can detect cybersecurity vulnerabilities that impact the records stored by a company in the cloud. The software also scans records stored in other environments, including code repositories and on-premises mainframes.Top of Form A dashboard exhibits a roster of data assets stored insecurely, delineating the severity of each issue along with proposed solutions for remediation.

It also empowers companies to establish rules governing the management of their sensitive records. For instance, an administrator could stipulate that customer purchase logs must be automatically deleted two years after their creation. Moreover, it’s possible to establish rules that encrypt files and perform masking, which involves replacing sensitive information in a document with random values to mitigate the associated cybersecurity risk.

Reducing the likelihood of data breaches is not the sole use case for which BigID’s platform can be employed. According to the company, its platform is also well-suited for facilitating cloud migrations. The insights provided by the software regarding the location and storage methods of a company’s business records can streamline the process for administrators when migrating those files to a new off-premises environment.

BigID also emphasizes regulatory compliance as a critical focus area. Specific privacy regulations mandate that companies disclose the information they retain about customers and fulfill requests to delete it when requested. BigID offers tools designed to automate many of the manual tasks associated with processing privacy requests.

The company also revealed that its platform is generating nearly USD 100 million in annual recurring revenue. According to the company, BigID’s investment round funding will be used for “organic and inorganic” growth initiatives. These projects are expected to concentrate on the markets for regulatory compliance and cybersecurity.