BigID rakes in $30m investment to bolster unicorn status

US data intelligence firm BigID has secured $30m in financing from global private equity investor Advent International.

The funding extends BigID’s $70m Series D financing raised in December of last year and brings the company’s overall valuation to $1.25bn.

According to BigID, this new batch of funding will go towards expanding globally, boost its go-to-market efforts as well as advancing product development across data privacy, governance and security.

Established in 2016, BigID markets a machine learning-supported data intelligence platform to support companies in discovering, managing, protecting and increasing value from their own data.

The extended Series D caps off a powerful three years for BigID, having raised $200m over four funding rounds since September 2019. The company first raised $30m from a Series B in June 2018, followed by two $50m funding rounds in July and September 2019, the latter being a Series C. BigID then hit unicorn status in December 2020 following a $70m funding round.

BigID CEO and co-founder Dimitri Sirota said, “We’re thrilled to work with Advent International and tap into their sector expertise and global footprint to drive future growth. 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 technology team principal Ashwin Krishnan added, “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.

“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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