New York and Tel Aviv-based data privacy provider BigID has raised another US$50 million in its extended Series C funding round, barely four months after it raised the same amount from investors that see the potential of the sector.
In a statement, BigID said the latest funding round was led by investment firm Tiger Global Management. The company said it has raised US$144 million in less than two years.
Investors’ interest in BigID and other data privacy providers comes as global regulations are expected to follow the approval into law of the California Consumer Privacy Act this year.
The new capital will be used by the startup to deliver new products in privacy and protection of personal data along with the expansion of go-to-market strategies across the globe.
“Before BigID, data privacy was largely about policy and process. BigID put data at the center, redefining how enterprises find, manage and protect their most important asset: their customer and employee data,” said Dimitri Sirota, CEO and co-founder of BigID.
Founded in 2016, BigID uses advanced machine learning and identity intelligence to help enterprises better protect their customer and employee data at petabyte scale.
The startup said enterprises using its technology can “better safeguard and assure the privacy of their most sensitive data”, reducing breach risk and enabling compliance with emerging data protection regulations.
Even as it is a startup, BigID has already reached impressive milestones in the past two years. These included being the first to introduce data access request fulfillment technology into the privacy market for automating CCPA and GDPR data rights as well as sales growth of 4 times over 2018.
The company has also expanded its global sales reach to now include Europe, Latin America, and Asia.
“The new funding reflects the success BigID has achieved with customers and partners in a few short years and positions the company to maintain its innovation leadership for years to come,” Sirota said.