BigID Uses Machine Learning to Simplify Data Privacy

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According to a recent report, the global data privacy software market size is estimated to grow at 36% CAGR to reach $17.2 billion market by 2032 from $3.84 billion in 2024. The significant growth in the industry is expected to be driven by the continuing adoption of IoT devices along with the added power of AI.

BigID’s Offerings

New York-based BigID was founded in 2016 by Dimitri Sirota and Nimrod Vax. The inspiration behind BigID came to the founders because they noticed that companies were focused on identity security by improving an organization’s ability to authenticate, authorize, and use single sign-on but not focusing on managing the security of their records.

The rise of big data has ensured that there are a large number of business records in any enterprise’s systems, making it difficult for enterprise security companies to track each file’s data protection settings. To ensure that these records are stored in a secure manner, BigID made a cloud-based platform that maps out the files in a company’s network, identifies if they contain sensitive data and finds cybersecurity issues. Its Data Security Posture Management (DSPM) capability helps administrators identify unnecessary data copies and delete them and even spots files that are accessible to more users than necessary and lets the administrators manage their access. It provides a dashboard that IT admins can use to see the list of data assets that are stored insecurely, the severity of the issue, and ways to address the issue. Companies can define rules for regulating how their records should be managed.

BigID helps companies with their regulatory compliance. GDPR and even state laws such as those in California have privacy regulations that require companies to disclose the information they keep on file about customers and delete such information upon request. BigID‘s tools help automate the work involved in processing privacy requests by leveraging machine learning capabilities for rapid detection and monitoring of private data. Today, BigID’s regulatory compliance offering addresses more than 25 regulatory laws spanning various industries and countries. BigID’s platform has earned numerous accolades in the industry. It was named to the Inc 5000 and Deloitte 500 for two years in a row and is now among the leading modern data security vendors in the market.

BigID’s Financials

BigID is privately held so far and does not disclose its financial details. It earns revenues through a subscription-based model that provides access to its platform. Pricing for the access is based on a combination of factors, including number of data sources, apps, and connectors, deployment type, and level of services and support. Last year, BigID announced that it was generating over $100 million in recurring revenue.

According to market reports, BigID has raised $320 million in funding from investors including Riverwood Capital, Silver Lake Waterman, Advent, Salesforce Ventures, Tiger Global, Glynn Capital, Scale Venture Partners, Bessemer Venture Partners, and Boldstart Ventures. Its last round of funding was held in March 2024, when it raised $60 million at a valuation of over $1 billion. A round held in December 2020 had valued the company at $1.25 billion.

Cybersecurity is a crowded market though. Other players like TrustArc, Egnyte, and Segment offer similar products. BigID will need to continue to innovate to ensure it stays ahead of the game.

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