Israeli cybersecurity company BigID today announced that it has raised $14 million in Series A funding. New investors in the round include ClearSky Security, Comcast Ventures and the SAP.iO Fund, and previous investors, including BOLDstart Ventures, also participated in the financing round. The latest financing round means BigID has raised $16.1 million.
BigID will use the funding to grow its engineering team in Israel and expand global sales and marketing to accelerate the adoption of the company’s data-driven personal information (PI) protection, privacy and governance platform.
BigID also announced today that ClearSky Security managing director and former Blackstone CISO Jay Leek has joined its board of directors.
Based in the US with engineering headquarters in Tel Aviv, Israel, BigID was founded by veterans of the identity, data protection and big data markets to transform how enterprises protect and manage the privacy of personal data. The company’s platform uniquely combines machine learning with identity intelligence to find, track and de-risk identity data at petabyte scale.
BigID launched its initial product in mid-2017 to help organizations address the data protection, privacy and governance requirements of emerging regulations like China’s Cybersecurity Law and the EU's General Data Protection Regulation (GDPR), which goes into effect on May 25, 2018. "On the eve of GDPR and in the midst of endless mega breaches, we’re in a new era of personal data rights," said Jay Leek. "Individuals now have a fundamental right to their data. For data controllers - the enterprises collecting and storing this data - this right means that they will need to be more accountable and transparent with the way they protect customer data. BigID is uniquely positioned to help companies meet the new set of data governance, protection and compliance requirements, and is an exciting opportunity for ClearSky Security."
BigID CEO Dimitri Sirota said, "Customers are the lifeblood of any business and unless an organization can properly safeguard the security and privacy of their customer data they will not survive in the digital economy," explained Dimitri Sirota, CEO at BigID. "Regulations like GDPR crystallize the need for companies to understand their data. BigID gives companies a first-of-its-kind way to find, secure and govern their identity data across the data center and cloud. After all, you can’t know your customer unless you first know their data."
The company was founded by Sirota and CPO Nimrod Vax and has 16 employees, ten of them in Tel Aviv.
Published by Globes [online], Israel business news - www.globes-online.com - on January 29, 2018
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