Jun
25
2018
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BigID scores $30 million Series B months after closing A round

BigID announced a big $30 million Series B round today, which comes on the heels of closing their $14M A investment in January. It’s been a whirlwind year for the NYC data security startup as GDPR kicked in and companies came calling for their products.

The round was led by Scale Venture Partners with participation from previous investors ClearSky Security, Comcast Ventures, Boldstart Ventures, Information Venture Partners and SAP.io.

BigID has a product that helps companies inventory their data, even extremely large data stores, and identify the most sensitive information, a convenient feature at a time where GDPR data privacy rules, which went into effect at the end of May, require that companies doing business in the EU have a grip on their customer data.

That’s certainly something that caught the eye of Ariel Tseitlin from Scale Venture Partners. “We talked to a lot of companies, how they feel more specifically about GDPR, and more broadly about how they think about data within in their organizations, and we got a very strong signal that there is a lot of concern around the regulation and how to prepare for that, but also more fundamentally, that CIOs and chief data officers don’t have a good sense of where data resides within their organizations,” he explained.

Dimitri Sirota, CEO and co-founder, says that GDPR is a nice business driver, but he sees the potential to grow the data security market much more broadly than simply as a way to comply with one regulatory ruling or another. He says that American companies are calling, even some without operations in Europe because they see getting a grip on their customer data as a fundamental business imperative.

BigID product collage. Graphic: BigID

The company plans to expand their partner go-to market strategy in the coming the months, another approach that could translate to increased sales. That will include global systems integrators. Sirota says to expect announcements involving the usual suspects in the coming months. “You’ll see over the next little bit, several announcements with many of the names that you’re familiar with in terms of go-to market and global relationships,” he said.

Finally there are the strategic investors in this deal, including Comcast and SAP, which Sirota thinks will also ultimately help them get enterprise deals they might not have landed up until now. The $30 million runway also gives customers who might have been skittish about dealing with a young-ish startup, more confidence to make the deal.

BigID seems to have the right product at the right time. Scale’s Tseitlin, who will join the board as part of the deal, certainly sees the potential of this company to scale far beyond its current state.

“The area where we tend to spend a lot of time, and I think is what attracted Dimitri to having us as an investor, is that we really help with the scaling phase of company growth,” he said. True to their name, Scale tries to get the company to that next level beyond product/market fit to where they can deliver consistently and continually grow revenue. They have done this with Box and DocuSign and others and hope that BigID is next.

Apr
21
2018
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BigID lands in the right place at the right time with GDPR

Every startup needs a little skill and a little luck. BigID, a NYC-based data governance solution has been blessed with both. The company, which helps customers identify sensitive data in big data stores, launched at just about the same time that the EU announced the GDPR data privacy regulations. Today, the company is having trouble keeping up with the business.

While you can’t discount that timing element, you have to have a product that actually solves a problem and BigID appears to meet that criteria. “This how the market is changing by having and demanding more technology-based controls over how data is being used,” company CEO and co-founder Dimitri Sirota told TechCrunch.

Sirota’s company enables customers to identify the most sensitive data from among vast stores of data. In fact, he says some customers have hundreds of millions of users, but their unique advantage is having built the solution more recently. That provides a modern architecture that can scale to meet these big data requirements, while identifying the data that requires your attention in a way that legacy systems just aren’t prepared to do.

“When we first started talking about this [in 2016] people didn’t grok it. They didn’t understand why you would need a privacy-centric approach. Even after 2016 when GDPR passed, most people didn’t see this. [Today] we are seeing a secular change. The assets they collect are valuable, but also incredibly toxic,” he said. It is the responsibility of the data owner to identify and protect the personal data under their purview under the GDPR rules, and that creates a data double-edged sword because you don’t want to be fined for failing to comply.

GDPR is a set of data privacy regulations that are set to take effect in the European Union at the end of May. Companies have to comply with these rules or could face stiff fines. The thing is GDPR could be just the beginning. The company is seeing similar data privacy regulations in Canada, Australia, China and Japan. Something akin go this could also be coming to the United States after Facebook CEO, Mark Zuckerberg appeared before Congress earlier this month. At the very least we could see state-level privacy laws in the US, Sirota said.

Sirota says there are challenges getting funded as a NYC startup because there hadn’t been a strong big enterprise ecosystem in place until recently, but that’s changing. “Starting an enterprise company in New York is challenging. Ed Sim from Boldstart [A New York City early stage VC firm that invests in enterprise startups] has helped educate through investment and partnerships. More challenging, but it’s reaching a new level now,” he said.

The company launched in 2016 and has raised $16.1 million to date. It scored the bulk of that in a $14 million round at the end of January. Just this week at the RSAC Sandbox competition at the RSA Conference in San Francisco, BigID was named the Most Innovative Startup in a big recognition of the work they are doing around GDPR.

Jan
29
2018
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BigID pulls in $14 million Series A to help identify private customer data across big data stores

 As data privacy becomes an increasingly important notion, especially with the EU’s GDPR privacy laws coming online in May, companies need to find ways to understand their customer’s private data. BigID thinks it has a solution and it landed a $14 million Series A investment today to help grow the idea.
Comcast Ventures, SAP (via SAP.io), ClearSky Security Fund and one of the… Read More

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