Mine, the data privacy platform that enables people to discover and control their personal data online, has announced a $30 million Series B funding round. The funding round was co-led by Battery Ventures, who also participated in its Series A round in 2020 and PayPal ventures. The funding quadruples the amount of money that Mine has raised to date. This is an indication of the opportunity the investors see in the product.
The other existing investors, Saban Ventures, Gradient Ventures (Google’s AI), MassMutual Ventures and Headline Ventures, also participated. They were joined byationwide Ventures.
The firm, whose origins were in the B2C market, is now focused on redefining data privacy and governance management for companies globally. The intent is to deliver control over their data while simplifying regulatory compliance processes. The funds will be used to scale its enterprise-grade product MineOS.
Gal Ringel, Co-Founder and CEO of Mine commented, “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.
“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.”
Enterprise Times also asked Ringel some questions about the funding round and its implications.
Enterprise Times asked Ringel to clarify what was meant by scaling MineOS. He answered, “What we mean by this is that by scaling our B2B enterprise-grade product, MineOS, we are enhancing its capabilities to serve as an end-to-end data governance solution throughout the complete data lifecycle, from creation to destruction.
“This includes expanding our AI-driven data privacy solutions, improving user experience, and increasing adaptability to various business needs. We are aiming to make MineOS the definitive solution for data privacy and governance globally, catering to a diverse range of industries and markets and penetrating the Fortune 2000 segment.”
Mine will continue to invest in its platform. Deepening the integration with AI to further enhance the automation of data discovery and continue to deliver a platform that is both comprehensive and easy to use. The platform interrogates existing software and infrastructure that organisations have, identifying personal data and managing the data controls required.
The solution understands a long list of current data regulations, including:
- GDPR (EU)
- CCPA/CPRA (California)
- Colorado Privacy Act
- Virginia CDPA
- PIPL (China)
- LGPD (Brazil)
The platform prioritises the user experience while delivering a streamlined and continuous data discovery, inventory and classification system. It can identify a range of data from assets, both obvious and less so. Use cases include RoPA reporting, Shadow IT discovery, DPA Sub-processors, vendor risk assessment and policy enforcement. Maintaining and managing data privacy is challenging for many organisations. And Mine believes its solution delivers an ROI in less than 12 months. With fines for data protection breaches now larger than ever, firms must consider mitigating the risk. Mine is already recognised on the G2 Privacy momentum grid as a leader.
Where is Mine heading? The release states a very concise and clear objective, “The ultimate objective for MineOS is to emerge as the singular source of truth for Data Lifecycle Management.” It will be interesting to see how the product develops in 2024 to meet that objective. It will also reveal more about its roadmap in a webinar on December 19th (registration required) at 9:00 AM EST.
One of the reasons that the investors have flocked to this funding round is, no doubt, the success that Mine has had over the last year. Mine is truly a cross-industry solution and has attracted organisations from a range of industries over the last year. It now has over 2,000 customers, from startups to enterprises, all using Mine to help meet their data privacy challenges. Customers include Reddit, HelloFresh SE, FIFA, and Data.ai. The company grew ARR by 4.5x in the last year, despite only launching in 2022. The caveat with that statement is the amount of ARR was not disclosed.
Jutta Williams, Head of Privacy & Assurance at Reddit, commented, “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. MineOS stands out in the data governance market by not only providing accurate insights but also empowering effective management of our data governance operations.”
With regulations in the US increasing in 2024, it is little surprise that much of the focus on growth will remain in the US for Mine. Regulations that have recently emerged or will come into force in 2024 include the following:
- The Montana Consumer Data Privacy Act (MTCDPA)
- The Tennessee Information Protection Act (TIPA)
- The Oregon Consumer Privacy Act (OCPA)
- The Texas Data Privacy and Security Act (TDPSA)
- The Iowa Consumer Data Protection Act (ICDPA)
- The Delaware Personal Data Privacy Act (DPDPA)
Mine believes that the investment in product and expansion will enable it to take advantage of the market growth these new regulations will create. As organisations across the US must step up their data privacy management in the next two years. Mine also plans to develop the solutions that organisations will require to remain compliant with emerging regulations. Including AI Governance and Risk Assessment functionality.
With a focus on the US, will Mine look to expand internationally? Enterprise Times asked Ringell.
“A significant focus of our Series B funding is to expand our employee footprint and go-to-market focus in the United States. While we are considering expanding to additional locations, our immediate plan is to strengthen our current presence in the US, recognizing it as a key market for data privacy solutions.”
Will Mine look to increase headcount significantly?
“We currently have 50 employees worldwide, across the US, EU and Israel. With this new round of funding, we aim to double our employee count towards the 100 mark in less than 12 months. With a plan for rapid growth, we will support our expansion plans and the continuous development of MineOS, ensuring we meet the evolving needs of our customers and the market.”
Mine has attracted an impressive list of investors, some new, some old. Enterprise Times asked Gingell about the changes.
Ringell answered, “Battery Ventures has been a longstanding investor and board member, and they’ve been with Mine since its inception, backing us in the seed stage. Their decision to double down on their investment is a strong testament to their unwavering belief in our vision and product. Additionally, we are excited to welcome PayPal Ventures as a new investor in this round, which is getting a board observer. Their involvement will bring numerous benefits, including invaluable product and go-to-market advice, helping us navigate and succeed in the evolving data privacy landscape.”
Enterprise Times also asked whether there was a valuation of Mine. Ringell answered, “We’re not able to share specifics of our valuation. However, I can tell you that this round reflects the significant and growing market opportunity for data privacy as companies work to comply with new AI regulations, including AI Governance and Risk Assessment functionality, etc.”
Scott Tobin, Senior Partner at Battery Ventures, noted, “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 with Mine underscores our confidence in the team’s innovative approach to empowering B2B enterprises in their privacy endeavours. We look forward to witnessing their continued growth and impact in the market.”
Alan Du, Partner at PayPal Ventures, added, “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. 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.”
Enterprise Times: What does this mean
Founded in 2019 and launched on the market in 2022, it has almost made it into the leader quadrant of the G2 Data Privacy management grid. With its momentum leadership in the Fall, grid confirmed, it may only be a matter of time. However, it will need to increase its market share to compare effectively with larger rivals.
This funding will go a long way to helping that growth. With the technology being developed as the new regulations emerge, it is well placed to capture a share of a burgeoning market. MarketandMarkets expects the global market size to grow. From US$ 2.7 billion in 2023 to US$ 15.2 billion by 2028 at a CAGR of an impressive 41.9% during that period. With that growth, it is little wonder that investors were keen.
Mine faces a lot of competition across a broad range of functionality. With leaders such as Onetrust and TrustArc probably providing the biggest challenge. It will be interesting to see whether the market consolidates in the next few years. And whether Battery Ventures looks to help consolidate the market using Mine as a vehicle. Or whether Mine becomes an acquisition target itself as Battery considers an exit strategy.