When we last heard from BigID at the end of 2020, the company was announcing a $70 million Series D at a $1 billion valuation. Today, it announced a $30 million extension on that deal valuing the company at $1.25 billion just four months later.
This chunk of money comes from private equity firm Advent International, and brings the total raised to more than $200 million across four rounds, according to the company. The late-stage startup is attracting all of this capital by building a security and privacy platform. When I spoke to CEO Dimitri Sirota in September 2019 at the time of the $50 million Series C, he described the company’s direction this way:
We’ve separated the product into some constituent parts. While it’s still sold as a broad-based [privacy and security] solution, it’s much more of a platform now in the sense that there’s a core set of capabilities that we heard over and over that customers want.
Sirota says he has been putting the money to work, and as the economy improves he is seeing more traction for the product set. “Since December, we’ve added employees as we’ve seen broader economic recovery and increased demand. In tandem, we have been busy building a whole host of new products and offerings that we will announce over the coming weeks that will be transformational for BigID,” he said.
He also said that as with previous rounds, he didn’t go looking for the additional money, but decided to take advantage of the new funds at a higher valuation with a firm that he believes can add value overall. What’s more, the funds should allow the company to expand in ways it might have held off on.
“It was important to us that this wouldn’t be a distraction and that we could balance any funding without the need to over-capitalize, which is becoming a bigger issue in today’s environment. In the end, we took what we thought could bring forward some additional product modules and add a sales team focused on smaller commercial accounts,” Sirota said.
Ashwin Krishnan, a principal on Advent’s technology team in New York, says that BigID was clearly aligned with two trends his firm has been following. That includes the explosion of data being collected and the increasing focus on managing and securing that data with the goal of ultimately using it to make better decisions.
“When we met with Dimitri and the BigID team, we immediately knew we had found a company with a powerful platform that solves the most challenging problem at the center of these trends and the data question,” Krishnan said.
Past investors in the company include Boldstart Ventures, Bessemer Venture Partners and Tiger Global. Strategic investors include Comcast Ventures, Salesforce Ventures and SAP.io.