BigID Takes $2.1M To Help Enterprises Grok Customer Data Privacy Risks
New York - May 24, 2016 Today, BigID Inc., a pioneer in enterprise privacy management, is announcing initial$2.1M in venture funding and early access to its privacy management platform for enterprises. Enterprise focused seed funds Genacast Ventures, BOLDstart Ventures, and Deep Fork Capital all participated in the financing.
More than 1 billion personal data records were lost or stolen over the course of the past year, costing business over $150 billion. BigID's privacy management platform provides enterprises a new way to find, monitor and analyze customer data to both reduce breach risk and improve privacy compliance. Pressure on enterprises to improve their customer data security has been reinforced by recent regulations like the EU's General Data Protection Regulation (GDPR) which penalizes privacy non-compliance with sanctions up to 4% of revenue.
"Customers are loyal to businesses they trust. BigID gives organizations a new way to safeguard their customer information. Identity theft, loss and misuse is a paramount worry for consumers and the regulators that protect them. BigID is the first dedicated solution designed to give business the tools they need to protect the privacy of their customers," said Dimitri Sirota, CEO and Co-Founder of BigID.
"Almost daily, the news headlines feature a new company whose customer data has been compromised," said Gil Beyda, Managing Partner of Genacast Ventures. "The cost to business is huge: reputation damage, long investigations, costly repair, lawsuits, regulator penalties, insurance payouts and sometimes worse. Privacy is the new business imperative. BigID provides businesses technology to manage what today is an expensive and error-prone manual approach to privacy."
Ed Sim, Managing Partner of BOLDstart Ventures added: "Privacy is where the security market was 20 years ago. BigID is first-to-market with a critical protection solution for safeguarding the most valuable asset a company has: its customer information."
About BigID Inc.
BigID, Inc. is the first privacy management platform for the global enterprise. Using BigID, companies reduce breach risk, contain liability exposure and address proliferating global privacy regulations. The company was founded by identity and security veterans Dimitri Sirota and Nimrod Vax. Sirota previously cofounded API Security & Management vendor Layer 7 Technologies. In 2013, Layer 7 exited to CA Technologies. Vax has over 15 years' experience in Identity and Security as an engineering and product manager, served as product line manager of the Identity Management and Governance product lines at CA Technologies. BigID is headquartered in NY with development offices in Telaviv. You can follow BigID at www.bigid.com and @bigidsecure.
About Genacast Ventures
Genacast Ventures invests in technology entrepreneurs with a vision and passion for forging new markets or disrupt old ones. Established in 2008 as a partnership between serial entrepreneur Gil Beyda (Real Media and Tacoda) and Comcast Ventures, Genacast's commitment to helping exceptional entrepreneurs build great companies is already experiencing success with its first investment Invite Media being acquired by Google, its second investment Demdex being acquired by Adobe, its fifth investment Divide being acquired by Google and its sixth investment MortarData being acquired by DataDog. Current portfolio companies include DoubleVerify (advertising), Mortar Data (big data), LeadiD (lead generation), YieldMo (mobile advertising), Rocketrip (corporate travel), ZeroFox (security), RevMetrix (retail analytics), Overlap (scheduling) and STAQ (advertising). Genacast invests up to $1M in 46 seedstage startups each year.