Israeli data privacy company Mine has announced the completion of a $30 million Series B funding round led by Battery Ventures and PayPal Ventures, with the participation of new investor, the investment arm of US insurance giant Nationwide. Existing investors including Google’s AI fund Gradient Ventures, Saban Ventures, MassMutual Ventures, and Headline Ventures also joined the round.
Mine, which develops B2B and B2C solutions in the field of data privacy, and governance, has 150 customers including Reddit, HelloFresh SE, Fender, Guesty, Snappy, and Data.ai.
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 US and into the enterprise segment. The company, which has 35 employees, is preparing to hire dozens of developers and QA and ML professionals in Israel.
Mine was founded in 2019 by CEO Gal Ringel, CTO Gal Golan, and CPO Kobi Nissan and has offices in Tel Aviv, the US and Germany. 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 is 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. This process is called Data Mapping, which is the most important building block that serves as a basis for many teams in every organization: the legal and privacy teams, the various data teams, engineering, IT, and security teams.
Ringel said, "The funding was completed in the second week of October, a week after the outbreak of the war. 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."
Battery Ventures senior partner Scott Tobin added, "We have been investors and steadfast supporters of Mine from the very beginning, and we are thrilled to be part of this pivotal moment by leading the latest funding round in Mine, which will enable it to be the number one player in privacy solutions and allow its expansion to other new areas such as AI Regulations. Our current investment in Mine underscores our confidence in the team’s innovative approach to empowering B2B enterprises around the world in their privacy endeavors, with a completely no-code and automatic model. We look forward to witnessing their continued growth and their leadership in the market."
Published by Globes, Israel business news - en.globes.co.il - on December 5, 2023.
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