Mine Raises $30 Million to Expand Data Privacy Offering

Data privacy firm Mine has raised $30 million with the help of PayPal Ventures.

The Series B funding round, co-led by Battery Ventures, will help the Israeli company scale MineOS, its B2B enterprise-grade product, Mine said in a news release provided to PYMNTS Tuesday (Dec. 5).

According to the release, MineOS reports data findings but also lets clients automate assessments and fulfill their regulatory obligations.

“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,” said Gal Ringel, co-founder and CEO of Mine.

According to the release, Mine offers AI risk assessments, shadow IT management, compliance and privacy requirements such as RoPA and DSR handling. The company serves more than 2,000 customers and upwards of 150 enterprise clients, including FIFA, HelloFresh and Reddit.

“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,” said Jutta Williams, Reddit’s head of privacy and assurance.

“MineOS stands out in the data governance market by not only providing accurate insights but also empowering effective management of our data governance operations,” Williams added.

With data privacy expected to become a greater priority in the coming years, Mine says it is developing solutions for emerging AI regulations, including AI governance and risk assessment functionality.

Mine’s funding round is happening at a moment when data access — and protection — are top of mind as companies do business across borders, as Ashley Eisenberg, data privacy officer at Forter, told PYMNTS in September.

“Organizations have started to realize that their data is a valuable asset,” she said, noting that collaboration on personal data flows is quickly becoming the standard for companies based in the U.S. and Europe.

As PYMNTS noted at the time, the U.S. has yet to create a federal data sharing and privacy mandate (though individual states have taken on such efforts, such as in California) that regulates how businesses collect and disseminate consumer-level information.

However, the European Commission announced earlier this year that it has finalized the EU-U.S. Data Privacy Framework, putting limits on access to EU data. The Data Privacy Framework (DPF) will oversee the data flows across the Atlantic that in turn help power $1 trillion in cross-border trade and investment annually, per estimates from the U.S. Commerce Department.