In the midst of a conflict with the Hamas terror group, Tel Aviv-based startup Mine has emerged victorious by securing $30 million in Series B funding from new US investors. The company, founded in early 2019 by CEO Gal Ringel, CPO Kobi Nissan, and CTO Gal Golan, specializes in providing a platform that allows businesses and consumers to take control of how their data is utilized.
The funding round, led by Battery Ventures and PayPal Ventures, along with the participation of the investment arm of insurance giant Nationwide and existing investors like Gradient Ventures, Saban Ventures, MassMutual Ventures, and Headline Ventures, brings Mine’s total financing to $42.5 million.
Despite the challenging financial climate since March of the previous year, Mine’s CEO, Gal Ringel, highlighted the company’s prudent management and disciplined approach, reducing monthly expenditures while significantly increasing revenue. The achievement of extraordinary metrics during these trying times caught the interest of numerous investors.
Mine’s artificial intelligence-based real-time data mapping platform is designed to show users where their information is stored within an organization, which systems and assets they possess, and the types of data retained. This platform aims to help organizations manage data and privacy needs more efficiently, ultimately reducing risks and cutting costs associated with various regulations.
The funding was finalized in the second week of October, just one week after the outbreak of the war initiated by the Hamas terror group on October 7. Despite the challenging circumstances, Mine remains focused on its global expansion plans in the US and marketing its data mapping platform to enterprise clients.
With 150 current customers, including Reddit, HelloFresh SE, Fender, Guesty, Snappy, and Data.ai, Mine intends to utilize the raised funds to bolster its presence in the market. The startup is also actively recruiting developers and machine learning professionals in Israel to support its growth.
Scott Tobin, senior partner at Battery Ventures, expressed excitement about leading Mine’s latest funding round, envisioning the company as the top player in privacy solutions and anticipating its expansion into new areas such as AI regulations.
Mine initially developed its technology as an application to empower consumers to track and control the usage of their data. The app, launched in 2020, enables users to submit deletion requests for services they no longer use and request the erasure of their data, providing control over their digital footprint.
Since its launch, Mine has gained over 5 million users worldwide, who have sent more than 50 million requests to over 600,000 companies and organizations. The app’s success has resulted in saving over 500,000 users from various digital threats, demonstrating the impactful role Mine plays in the evolving landscape of data privacy.
(Source: Sharon Wrobel | Times of Israel | Jerusalem Post)
