Israeli startup Mine has gained significant recognition in recent years for its innovative data privacy audit tool. By leveraging AI and natural language processing, Mine enables users to quickly assess which companies have access to their personal data through a simple scan of their inbox. This capability allows users to remove unwanted information from various platforms. Amid rising awareness of GDPR and other data privacy regulations, the initially free tool resonated with users, ballooning to 5 million users in no time.
Expanding its offerings, Mine has shifted focus to support business users and enterprise applications. The platform now analyzes an end user’s inbox and authentication processes to identify where customer or business data is being utilized. This new direction has appealed significantly to privacy officers responsible for ensuring corporate compliance with privacy regulations.
With a growing number of enterprise clients, including notable names like Reddit, HelloFresh SE, FIFA, and Data.ai, Mine is now announcing a significant $30 million in Series B funding to fuel its continued expansion. The funding round is co-led by Battery Ventures and PayPal Ventures, with additional participation from Nationwide Ventures and previous investors, such as Saban Ventures, Gradient Ventures (Google's AI fund), MassMutual Ventures, and Headline Ventures.
While Mine has not disclosed its current valuation, co-founder and CEO Gal Ringel indicated that it has tripled since its last funding round in 2020 when they raised $9.5 million with just 100,000 users. To date, Mine has secured a total of $42.5 million in funding.
The new investment will primarily focus on enhancing sales development for existing products and significantly boosting research and development. In line with this, Mine plans to launch two innovative products in Q1 aimed at addressing the growing interest in AI.
The first product targets data privacy officers, helping them comply with upcoming regulations related to AI. “Many GCs (general counsel) have expressed concerns about this,” noted Ringel. This new solution will empower companies to "manage their internal AI algorithms and conduct AI risk assessments," addressing not only the data used for AI training but also strategies for mitigating bias and other identified risks associated with AI systems.
The second new product, referred to as Mine AI, will serve end users as a "privacy assistant." It aims to provide actionable insights concerning how personal data is used and highlight potential risks of non-compliance in everyday practices.
Mine isn't alone in the data protection landscape. Competing solutions like OneTrust, which offers GDPR compliance tools, and BigID, known for its suite of data usage and compliance tools, are among Mine’s major competitors.
Ringel asserts that Mine's advantage lies in its user-friendly design, making it accessible for non-technical teams. A potential downside, however, is that users grant a third party access to their inbox, raising privacy concerns. Ringel compares this to utilizing any email triage service and argues that it is less intrusive than many security tools integrated into corporate accounts to combat malware and phishing threats.
Despite some skepticism regarding the trade-off of privacy for enhanced functionality, particularly related to prior user complaints about spammy aspects of Mine’s data removal requests, the effectiveness of Mine's technology, especially in enterprise scenarios, cannot be overlooked.
Battery Ventures’ senior partner Scott Tobin expressed strong support for Mine, stating, “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. Our investment 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.”
“In this exciting era of investment in Mine, the rise of Generative AI has highlighted the critical importance of data privacy,” said Alan Du, Partner at PayPal Ventures. “Organizations must navigate the responsible use of AI while prioritizing privacy, complying with emerging regulations, and educating employees on safeguarding personal data. With Mine, enterprises of all sizes can leverage the power of AI while protecting consumer privacy.”
Ranking
