Funding boosts Series D round to $100M
Will support accelerated development of BigID’s Actionable Data Intelligence Platform and meet robust demand for re-imagined data management as businesses face digital transformation challenges
BigID, a leader in data discovery and intelligence for privacy, protection and perspective, today announced a $30 million investment from Advent International, one of the largest and most experienced global private equity investors, through Advent Tech, extending the company’s $70 million Series D financing raised in December 2020. BigID has raised $200 million over four rounds since September 2019, a pace that illustrates the demand for BigID’s novel and modern approach to data management. This latest financing brings BigID’s valuation to $1.25 billion.
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The pandemic has accelerated all automation and digital transformation programs by several years as companies recognize the need to innovate, placing increased pressure on IT leaders to deliver digital initiatives and overcome issues such as data silos. BigID’s platform reimagines data management for enterprises, combining machine learning-based classification, cataloging, correlation, and cluster analysis to help companies better understand, protect, and derive value from their data. This additional funding will help BigID expand globally, boost its go-to-market efforts and advance product development in the areas of data privacy, security, and governance.
“We believe the BigID platform offers a powerful solution to enterprises as they help global organizations manage and extract value from their data while grappling with the dual threats of data privacy and data security,” said Ashwin Krishnan, a Principal on Advent’s technology team in New York. “We’ve been impressed by BigID’s product, its traction in the marketplace, and the talented team behind it all. We see significant opportunity to extend BigID’s offering and accelerate its growth on a global scale, and we’re excited to support the team on this journey.”
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“We’re thrilled to work with Advent International and tap into their sector expertise and global footprint to drive future growth,” said BigID CEO and co-founder Dimitri Sirota. “The boom in data continues to present multiple challenges for enterprises – especially with the new tech stack. We believe our unified data intelligence platform is uniquely positioned to ensure businesses tackle their data management pain points by providing increased knowledge and visibility of their data, enabling them to meet regulatory requirements, ensure their data is secure and lay the groundwork to reap the rewards of business intelligence.”
Advent International joins BigID’s existing investors including Salesforce Ventures, Tiger Global Management, Glynn Capital, Bessemer Venture Partners, Scale Venture Partners and Boldstart Ventures.
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