Mine, a pioneering company disrupting the data privacy market, announced today that it has raised $30 million in Series B funding, co-led by Battery Ventures and PayPal Ventures, with significant investments from Nationwide Ventures and with the participation of all existing investors including Saban Ventures, Gradient Ventures (Google's AI), MassMutual Ventures and Headline Ventures. This substantial investment will propel Mine's mission to redefine data privacy and governance management for companies globally, enabling them to gain better control over their data and simplify regulatory compliance processes to get peace of mind.
With this investment, the company will scale its B2B enterprise-grade product, MineOS. MineOS distinguishes itself with its intuitive, no-code experience, seamlessly integrated with advanced AI technology. This integration not only sets a new industry benchmark in automation and accuracy but also revolutionizes the data discovery process, making it more accessible and efficient for businesses of all sizes to automatically discern the apps and infrastructure they employ, identify personal data within these systems, and grant individuals control over their data usage. Mine has seen remarkable customer growth across diverse segments and industries, reflecting the universal demand for robust data privacy and governance solutions. This surge underscores the versatility and effectiveness of MineOS, with rapid adoption observed among businesses ranging from burgeoning startups to well-established enterprises.
"Unlike other solutions that merely report data findings, MineOS enables us to automate assessments and fulfill regulatory obligations, transforming our approach to data privacy and governance," said Jutta Williams, Head of Privacy & Assurance at Reddit. "MineOS stands out in the data governance market by not only providing accurate insights but also empowering effective management of our data governance operations."
Rooted in its B2C origins, Mine prioritizes the customer experience, including a streamlined and continuous data discovery, inventory and classification system, unveiling near total coverage of any type of data, structured or unstructured, cloud or on-premise utilized by the company, complemented by the most comprehensive cloud scan to identify all assets. This evolution encompasses AI Risk Assessments, Shadow IT Management, Compliance, and Privacy requirements such as RoPA and DSR Handling, in addition to other Security measures. The ultimate objective for MineOS is to emerge as the singular source of truth for Data Lifecycle Management. Mine currently serves over 2,000 customers through its unique free tier offering and over 150 mid-size and enterprise customers including Reddit, HelloFresh SE, FIFA, and Data.ai. Their customers are based across North America, Europe, Israel, Canada and more. This diverse customer base is a testament to our platform's versatility and effectiveness.
"In the ever-evolving landscape of regulations and groundbreaking initiatives like AI, organizations now demand comprehensive visibility for effective data governance, and our solutions have never been more essential for enterprises of all sizes," expressed Gal Ringel, co-founder and CEO of Mine. "We've engineered a completely differentiated customer experience that has proven itself in the marketplace. Our pragmatic approach, coupled with an unwavering emphasis on ease of use, has deeply resonated with our users. This funding positions us to deliver an even more seamless and differentiated experience, ushering in a more efficient and streamlined approach to addressing data privacy concerns in the B2B market. This further solidifies our commitment to making the digital world safer and more transparent."
Mine tackles crucial issues in data privacy and governance, specifically navigating complex data regulations and the escalating demand for transparency. Acknowledging the challenges faced by industries in data inventory discovery and classification, Mine seeks to ease customer frustrations by prioritizing a more efficient and seamless process through an automated data privacy program. This shift aims to address the drawbacks of lengthy, inefficient processes and high costs, with the expected return on investment often realized after a 12-month period.
Recognizing the impending surge in state-level data regulations and the ongoing data explosion from massive data generation, collection, and management, Mine is poised to lead the market in the upcoming years of heightened data privacy focus in the US, projected for 2024 and 2025. As the privacy landscape continues to evolve, Mine is actively developing solutions for emerging AI regulations, including AI Governance and Risk Assessment functionality.
"We have been steadfast supporters of Mine from the very beginning, and we are thrilled to be part of this pivotal moment in the evolution of data privacy solutions for enterprises," said Scott Tobin, Senior Partner at Battery Ventures. "Our investment with Mine underscores our confidence in the team's innovative approach to empowering B2B enterprises in their privacy endeavors. We look forward to witnessing their continued growth and impact in the market."
"The rapid growth in popularity of Generative AI has underscored the critical importance of data privacy and makes this an exciting time to invest in Mine," said Alan Du, Partner at PayPal Ventures. "It has never been more important for organizations to address the privacy concerns of their customers, understand relevant and emerging laws, and teach their employees how to handle personal data responsibly. With Mine, enterprises of all sizes can compliantly harness the power of Generative AI and safeguard the privacy and data of their customers."
