One week after war with the Hamas terror group broke out, Tel Aviv startup Mine, whose software allows businesses and consumers to control how their data is used, managed to secure funding from new US investors, the company said.
The Israeli startup, founded at the beginning of 2019 by CEO Gal Ringel, CPO Kobi Nissan and CTO Gal Golan, said it raised $30 million in a Series B funding round led by Battery Ventures and PayPal Ventures, the investment arm of the fintech firm, with participation of investment arm of insurance giant Nationwide.
Existing investors including Google’s artificial intelligence venture fund Gradient Ventures, Saban Ventures, MassMutual Ventures, and Headline Ventures also joined the financing. To date, the startup has raised a total of $42.5 million in financing.
Mine says its artificial intelligence-based real-time data mapping platform shows users where their information is being stored inside the organization or business, which systems and assets they have, and what data they keep inside. The platform is tailored to enable organizations and businesses to manage data and privacy needs in a faster and more efficient way, and is aimed at reducing risks and cutting costs related to the various regulations.
“The funding was completed in the second week of October, a week after the outbreak of the war,” said Mine CEO Ringel. “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, which has allowed us to reach extraordinary metrics that have interested many investors.”
The war erupted following the October 7 onslaught led by the Hamas terror group which saw thousands of terrorists infiltrate into southern Israel, murdering some 1,200 people in Israel, mostly civilians, and taking some 240 hostages.
The startup said the raised funds will be used for its global expansion plans in the US and to market its data mapping platform to enterprise clients. Among Mine’s 150 current customers are Reddit, HelloFresh SE, Fender, Guesty, Snappy, and Data.ai. The startup is also seeking to hire dozens of developers and machine learning professionals in Israel. Mine has about 35 employees in its offices in Tel Aviv, the US and Germany.
“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,” said Scott Tobin, senior partner at Battery Ventures.
With the growth of social networks and personal data collection worldwide, and privacy becoming a growing concern, Mine initially developed its technology as an application to help consumers track who has their data, how companies are using their data, and how much risk is associated with these entities. The app, which gives consumers control of their personal data online, also has an option for users to submit a deletion request for services they no longer use and allows them to request that their data be erased.
Since the launch of the app in 2020, the startup said more than 5 million users worldwide have used Mine to reduce their digital footprint, by sending more than 50 million requests to more than 600,000 companies and organizations. As a result, more than 500,000 of the app’s users have been saved from various digital threats, the startup said.