Mine raises USD 30 mln in Series B funding

Thursday 7 December 2023 15:25 CET | News

Mine, a company activating in the data privacy market, has raised USD 30 million in a Series B funding round co-led by Battery Ventures and PayPal Ventures.

The funding also included investment from Nationwide Ventures, with participation from existing investors, including Saban Ventures, Gradient Ventures (Google's AI), MassMutual Ventures, and Headline Ventures. The investment seeks to help Mine in its mission to redefine data privacy and management for companies worldwide, helping them gain better control over their data and simplify regulatory compliance processes.

Mine's focus on data privacy and governance

The company is set to leverage this investment to scale its B2B enterprise-grade product, MineOS, an intuitive, no-code service integrated with advanced AI tech. The integration looks to set a new industry standard in automation and privacy and change the data discovery process, making it more accessible and efficient for businesses to automatically discern the apps and infrastructure they employ, identify personal data within said systems, and provide individuals with control over their data usage. The press release details that Mine has registered customer growth across diverse segments and industries, showcasing the demand for strong data privacy and governance solutions.

Company representatives advised that organisations require extensive visibility for effective data governance within the constantly evolving landscape of regulations and initiatives such as AI. In this context, the funding is set to enable the company to deliver an increasingly simplified and differentiated customer experience, bringing forth a more efficient and streamlined approach to addressing data privacy concerns in the B2B market. More to this point, Mine seeks to address data privacy- and governance-related issues, more specifically navigating complex data regulations and the growing demand for transparency.

With B2C origins, Mine prioritises customer experience, together with a simplified and continuous data discovery, inventory, and classification system, showcasing almost complete coverage of any data type, be that structured or unstructured, cloud or on-premises leveraged by the company, alongside extensive cloud scan to identify all assets. This entails AI risk assessments, shadow IT management, compliance, and privacy requirements of the likes of RoPA and DSR Handling, in addition to other security measures.  

Using an automated data privacy  programme,  Mine seeks to prioritise  creating a more efficient and simplified  process for its customers. This looks to address the difficulties associated with lengthy, inefficient processes, and high costs . 

With an increase in data regulations and the ongoing data growth following data generation, collection, and management, the privacy landscape is further evolving. Mine aims to actively develop solutions for emerging AI regulations, including AI governance and risk assessment functionality.

Furthermore, with the increased popularity of generative AI, data privacy has grown in importance, and organisations should address the privacy concerns of customers, understand relevant and emerging laws, and instruct their teams on how to handle personal data responsibly. Mine seeks to help enterprises leverage the power of generative AI in a compliant manner and safeguard the privacy and data of their customers.

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Keywords: data sharing, data protection, investment, funding, data privacy
Categories: Fraud & Financial Crime
Companies: Battery Ventures, Mine, PayPal Ventures
Countries: World
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Fraud & Financial Crime

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