March 19, 2024 at 09:57AM
BigID, a data security provider, raised $60 million in a growth funding round, totaling $320 million and surpassing a $1 billion valuation. The funding, led by Riverwood Capital, aims to enhance organic and inorganic growth. BigID offers various solutions such as data discovery, security management, and privacy for enterprises. Additionally, it is expanding into AI data security.
Based on the meeting notes, the key takeaways are as follows:
1. BigID, a data security, compliance, privacy, and governance solutions provider, has recently raised $60 million in a growth funding round, led by Riverwood Capital, with participation from Silver Lake Waterman and Advent.
2. This latest funding round brings BigID’s total funding raised to $320 million and values the company at over $1 billion.
3. BigID claims to have achieved nearly $100 million in recurring revenue and plans to use the funds to accelerate and scale both organic and inorganic growth, particularly in the area of AI data security.
4. The company provides a range of solutions including data discovery, data security posture management, data privacy management, compliance, zero trust, and cloud data loss prevention to enterprises.
5. Additionally, BigID has introduced new data hygiene capabilities for AI data security and plans on leveraging the new funding for expansion into this area.
6. BigID had previously achieved unicorn valuation in late 2020 after raising $70 million in a Series D funding round.
These takeaways provide a clear summary of the important points discussed in the meeting notes.