Cybersecurity startup BigID has closed on a $70 million Series D, its third funding in a little over a year. This latest round was led by Salesforce Ventures and Tiger Global, and brings the NYC company’s total valuation to more than $1 billion.
Matthew Garratt, a managing partner at Salesforce Ventures, describes data as “indispensable,” essential to the success of a business. Indeed, mountains of personal data have been traded between companies and private citizens over the decades. And as technology like location-tracking apps and smart-home devices become more entrenched in our everyday lives, the security of that data is getting more and more important.
The last time Built In caught up with BigID was in January, when the company had just raised $50 million. At the time, California had become the first and only state to pass data privacy legislation, making it the de facto template for responsible data collection.
BigID’s technology is important because it helps companies better understand the data they collect — what it is, why it’s collected, where it is and who it belongs to — to ensure they comply with privacy legislation and protect themselves against potential security breaches. Essentially, the goal is to promote responsibility and accountability in the burgeoning world of data collection.
“Our belief is that the data that companies collect could either be the most toxic thing they have or the most valuable thing they have,” BigID’s CEO and co-founder Dimitri Sirota told Built In last winter. “We think there’s a huge opportunity to reshape the relationship that organizations and companies have with their consumers around their data.”
Now, this new $70 million investment will help the company accelerate its work in the data intelligence and privacy space, expand its sales and marketing efforts, and deliver new products down the road. The company is now hiring for a variety of tech roles at its NYC headquarters and offices around the world.
