Mine raises $30 million Series B for data privacy platform
Mine raises $30 million Series B for data privacy platform
Over the past two years, the company’s vision has sharpened around its MineOS B2B platform and its aim to provide companies with One Source of Truth for Data inside the organization, which systems and assets they have and what data they keep inside
Israeli startup Mine, which develops B2B and B2C solutions in the field of data privacy, and governance, has announced the completion of a $30 million Series B funding round led by Battery Ventures and the investment arm of PayPal, with the participation of a new investor, the investment arm of U.S. insurance giant Nationwide.
The funding round was also joined by all the investors from previous rounds, who maintained their stake. These existing investors include Google’s AI fund, Gradient Ventures, Saban Ventures, MassMutual Ventures, and Headline Ventures. Among Mine’s 150 customers are Reddit, HelloFresh SE, Fender, Guesty, Snappy, and Data.ai.
"The funding was completed in the second week of October, a week after the outbreak of the war," said Mine CEO Gal Ringel. "Despite the difficult situation in the financial markets, since March last year, we have managed the company in a very careful and disciplined way while reducing monthly expenditure as well as significantly increasing revenue to a rate of millions of dollars in ARR (4x growth in 2023), which has allowed us to reach extraordinary metrics that have interested many investors. We are happy to power hundreds of companies worldwide with automated mapping of all the systems and data used by their organization and ensuring they meet the different data governance standards and privacy regulations."
The capital raised will provide for the company’s needs in the coming years and assist in the global expansion efforts of the company’s MineOS B2B platform both into the U.S. and into the enterprise segment. The company is preparing to hire dozens of developers and QA and ML professionals in Israel.
Mine was founded at the beginning of 2019 and has about 35 employees in offices in Tel Aviv, the U.S. and Germany. The company was founded by Gal Ringel (CEO), Gal Golan (CTO) and Kobi Nissan (CPO). From its inception, the company’s vision has been to make privacy regulations accessible to both individuals and businesses. Over the past two years, the company’s vision has sharpened around its MineOS B2B platform and its aim to provide companies with One Source of Truth for Data inside the organization, which systems and assets they have and what data they keep inside.
The company's initial development was an application for B2C end users in the field of privacy, which mapped the users’ full spectrum of companies possessing their personal data, explained the digital risks it poses them, and allowed them to request their data to be erased. The app was launched in 2020, gained momentum, and, as of today, has reached more than five million users worldwide. Those users have, to date, sent more than 50 million requests to more than 600,000 unique companies and organizations, and more than 500,000 of the users have been saved from different digital threats
