AI Security Market Fuels a $60M Growth Round for Unicorn BigID to Accelerate AI Data Security Innovation and Power Acquisitions

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Mar 18, 2024, 12:00 ET

New Funding Led by Riverwood Capital, and including Silver Lake Waterman and Advent, Brings BigID's Total Capital Raised to $320M at over $1B in Valuation

NEW YORK, March 18, 2024 /PRNewswire/ -- BigID, the pioneer in AI-augmented data security, compliance and privacy for modern cloud-first enterprises, today announced that it closed a $60 million growth round led by Riverwood Capital with participation by Silver Lake Waterman and Advent.

With the strong momentum of generative AI, enterprises have rushed to stand up new initiatives that drive productivity behind novel use cases leveraging documents, images, code, chats and other types of "unstructured" and structured data. Before BigID was launched into the market in 2018, data security products were purpose-built for specific data types. The company has since pioneered the concept of universal data security, compliance and privacy across any data type - including structured, unstructured and semi-structured - across environments in the public cloud, SaaS, and on-premise data center. Given BigID's extensible platform, it has helped drive customer ROI as enterprises build out their modern data infrastructure.

Building on its deep domain experience in the classification, compliance and contextualization of unstructured data, BigID recently introduced new data hygiene capabilities for the generative AI data pipeline from discovery through staging and enrichment, as well as new controls for detecting and tracking model access to sensitive data. With this latest funding, BigID aims to accelerate both organic and inorganic expansion in AI data security and compliance.

"In five years BigID has grown from first customer to almost $100M in recurring revenue, helping global enterprises meet their expanding data security, compliance, privacy and governance needs in the hybrid cloud," said Dimitri Sirota, CEO and Co-founder of BigID. "With corporate attention now turning to enabling responsible and trusted AI, BigID is uniquely-positioned to help companies address the novel challenges of unstructured training data, including quality, bias, privacy, access, sovereignty and more. This funding gives BigID additional capital to accelerate and scale organic and inorganic growth."

"We have long admired the platform Dimitri and the BigID team have built which unifies a fragmented and complex market with a single solution to help organizations action their enterprise data across security, privacy, compliance and governance," said Francisco Alvarez-Demalde, Co-Founder and Managing Partner, Riverwood Capital. "We are excited to partner with what we consider to be a category leader with a software platform that can address data discovery, classification, management and security, as enterprises are increasingly faced with new complexities like the proliferation of data and cybersecurity risks, adoption of AI, role of the cloud, and evolving regulatory pressures."

"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," said Shawn O'Neill, Managing Director and Group Head of Silver Lake Waterman. "We have enjoyed building our relationship with Dimitri and the BigID leadership team over the past five years and look forward to partnering and helping drive further success."

About BigID

BigID is a pioneer in data security and compliance for the public and private cloud, helping to define new data security product categories like DSPM (Data Security Posture Management) and redefine categories like Data Discovery, Data Classification, Data Loss Prevention and and Data Access Management.

BigID empowers organizations to know their enterprise data and take action for data-centric security, privacy, compliance, AI innovation, and governance. Customers deploy BigID to proactively discover, manage, protect, and get more value from their regulated, sensitive, and personal data across their data landscape. BigID has been recognized for its data intelligence innovation as a CNBC's 2022 Top 25 Startups for the Enterprise, named to the 2021 Forbes Cloud 100, recognized on the 2023 Inc. 5000 for the 3rd consecutive year, the 2023 Deloitte 500 for the 3rd consecutive year, and named as a "Market Leader Data Security Posture Management (DSPM)" in the 2023 Global InfoSec Awards, is a World Economic Forum Technology Pioneer, and an RSA Innovation Sandbox winner. Find out more at https://bigid.com.

About Riverwood Capital

Riverwood Capital invests in high-growth companies in the technology and technology-enabled industries. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values. Riverwood was founded in 2008 and has had the opportunity to invest in and support over 75 companies since inception, which have grown revenues at ~40% per year on average during that period. The Firm has offices in Menlo Park, CA; Miami, FL; New York, NY; and São Paulo, Brazil. Please visit www.riverwoodcapital.com.

About Silver Lake Waterman

Silver Lake Waterman is part of Silver Lake, the global leader in technology investing with approximately $101 billion in combined assets under management and committed capital and a team of professionals located in North America, Europe and Asia. Silver Lake Waterman focuses on providing flexible expansion capital to later-stage growth companies in the technology and technology-enabled industries. For more information about Silver Lake Waterman and Silver Lake, please visit www.silverlake.com.

SOURCE BigID