SAP.iO reveals in its 2020 Impact and Insight Report that BigID, one of the its early investments and an SAP Solution Extension Partner, is the first startup unicorn in the SAP.iO portfolio with a valuation of over $1 billion. The company’s data security platform helps organisations secure customer data, satisfy privacy regulations, and manage risks.
According to the Wall Street Journal, following the emergence of increased remote work (brought on by the global COVID-19 pandemic) and a rise in high-profile cyberattacks, risk-management and cybersecurity startups are in the spotlight among venture capitalists.
SAP.iO, SAP’s early-stage venture-capital arm, invested an undisclosed sum in BigID in multiple rounds between 2017 and 2019. As of December 2020, BigID announced a $70 million Series D on a valuation of $1 billion.
In 2019, BigID and SAP forged a global reseller agreement, allowing SAP to sell two BigID powered products: SAP Privacy Management application by BigID and SAP Data Mapping and Protection application by BigID.
Now, more than ever, effectively managing risk and privacy compliance associated with big data is critical and a must for organisations.
John Licata, Vice President and Fellow at SAP.iO Startup Accelerator explains:
“Data is increasingly valuable, and the backbone to AI, so tapping next-generation cybersecurity technologies is no longer a nice have. It’s a requirement to secure data and leverage it for growth opportunities. At least it should be for the modern enterprise that will witness over 500 billion connected things by 2030.”
Driving Innovation in Data Security
BigID is a recognised as a leader in data-centric personal data discovery and privacy, intelligence and automation. The cybersecurity startup has been bestowed with several awards for its innovative privacy technology, including:
- 2018 RSA Conference Innovation Sandbox winner
- CB Insights 2018 Cyber Defender
- Network Products Guide 2018 IT World Awards “Hot Company of the Year” winner
- 2019 InformationWeek Vendor to Watch
- 2019 World Economic Forum Technology Pioneer
- 2020 Forbes Cloud 100
- Business Insider 2020 AI Startup to Watch
- Database Trend-Setting Products 2020
Dimitri Sirota, CEO and co-founder of BigID, explains how the startup’s data security platform provide the best of breed point solutions that address enterprise security gaps:
“Since starting in 2016, BigID has aimed to rethink how organisations provide data accountability to their customers through more intelligent data accounting. Before BigID, data privacy was largely about policy and process. BigID put data at the center, redefining how enterprises find, manage and protect their most important asset: their customer and employee data.”
The BigID data security platform leverages advanced machine learning (ML) and identity intelligence to help enterprises better protect their customer and employee data at petabyte scale. BigID’s technology enables organisations to manage IT complexities, minimise risk, and comply with ememerging data protection regulations such as the Europian Union’s General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA).
BigID also plans to expand its marketplace to third-party developers, offering them the ability to build applications on top of its data security platform. According to Sirota, the company aims to further accelerate sales and marketing in 2021.