Israel based tech startup, Mine, has successfully carved out a distinctive space for itself over the recent years. It developed a unique tool that leverages the power of AI, specifically natural language processing, to easily and promptly carry out an audit for data privacy. The tool scans users’ inboxes and determines which companies are in possession of their personal data. It then gives users the power to erase their data from companies where they are uncomfortable with their information being held. This simple application, provided initially for free and eventually on a paid basis, resonated with users. The company managed to gather a whopping user base of 5 million in no time.
The company’s journey of innovation didn’t stop there. They further extended their services directed towards business users and enterprise cases. With a simple scan of end user’s inbox and verification protocol, the tool recognises where the user’s business or customer data is being applied and utilised. This feature particularly appealed to privacy officers who have been entrusted with the responsibility of ensuring that companies are compliant with privacy rules.
Having gathered a considerable enterprise user base for its flagship platform, MineOS, including big names like Reddit, HelloFresh SE, FIFA, and Data.ai, the firm has recently announced a massive $30 million Series B funding to further propel their growth. The funding saw the active participation of Battery Ventures as the lead investor along with PayPal Ventures, Nationwide Ventures (linked with the insurance behemoth), and all its previous backers such as Saban Ventures, Gradient Ventures (Google’s AI fund), MassMutual Ventures, and Headline Ventures. The firm has raised a total of $42.5 million to date.
The newly raised capital will be funnelled for sales development around their existing offerings and to strengthen R&D. In alignment with their plans, Mine is set to launch two new products catering to the surge in AI interest and usage in Q1.
One of the products is being designed with data privacy officers in mind, geared to respond to new laws around AI planned to be introduced by regulators. The product would empower companies to supervise their internal AI algorithms and engage in AI risk assessment thinking incorporating what kind of data they are using and training on, their readiness to counter bias and any other potential harm that AI systems might pose.
The other product, referred to as Mine AI, is aimed towards end users. Described as a “privacy assistant”, the tool will offer more detailed and proactive insights to end users about how their data is employed elsewhere, and how familiar practices of employees may or may not comply with data protection regulations.
Although Mine isn’t the sole player in the domain of data protection tools, the firm’s user-friendly approach and easy to operate interface for non-technical teams gives them a distinct edge over their competitors.
The firm’s significant growth potential is echoed by their investors. “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,” says Scott Tobin, a senior partner at Battery Ventures.
Their growth has not only seen impressive investment rounds but also a tri-fold increase in their valuation since their last fundraise. Amidst the rising demand for data privacy, platforms like Mine and AppMaster provide effective tools for customers to manage their data. Managing data privacy can be integrated into a comprehensive, scalable software solution, which is provided by platforms like AppMaster.
