Funding round secures $60M for BigID to exceed $1B valuation

SiliconAngle reports that New York-based data security startup BigID has secured $60 million in a new funding round, bringing total valuation to more than $1 billion.

Such newly secured funds will be allocated toward cybersecurity- and regulatory compliance-focused growth initiatives, according to BigID, which offers a cloud platform enabling automated file mapping and sensitive data and cybersecurity issue discovery within corporate networks. On-premises mainframes and other environments could also be scanned using BigID's platform, which also allows organizations to establish rules on sensitive data management, file encryption, masking, and data replacements. Aside from featuring cybersecurity capabilities, BigID's platform has also been touted to ease cloud migrations. "The exponential growth of generative AI is driving new cybersecurity needs, and the BigID team has built a leading data-centric security platform that sits at the core of enterprises to help protect their most critical data," said Shawn O'Neill, managing director at Silver Lake Waterman, which was part of the investment round.