- The startup aims to streamline regulatory compliance procedures and offer businesses more control over their data.
- Mine stated that because businesses find it challenging to manage the mounds of information they produce, the thorough data discovery and classification solutions it provides are more important than ever.
SayMine Technologies Ltd., often known as Mine, a data privacy business, revealed that its USD 30 million fundraising round has ended.
Battery Ventures led the Series B financing, including sizeable contributions from Nationwide Ventures and PayPal Ventures. Participating in the round were the startup’s current investors, Saban Ventures, MassMutual Ventures, Gradient Ventures, and Headline Ventures. According to Mine, the capital will advance the company’s goal of redefining data privacy and governance management for businesses.
The startup aims to streamline regulatory compliance procedures and offer businesses more control over their data. It accomplishes this by addressing some of the most significant data privacy and governance issues, such as assisting businesses in navigating several data regulations and demands for increased transparency. Companies may find and classify data inventories more easily with the help of MineOS, an automated data mapping and privacy platform.
Furthermore, Mine stated that user experiences are the platform’s top priority. It provides almost complete coverage of all types of information its clients utilize, both structured and unstructured, whether stored on-premises or in the cloud. It provides a streamlined, continuous data discovery, inventory, and classification system. Using artificial intelligence algorithms and a no-code interface, anyone may identify all firm data assets with the help of its cloud scanning tool. MineOS serves as a single source of truth for data lifecycle management in this way.
Mine stated that because businesses find it challenging to manage the mounds of information they produce, the thorough data discovery and classification tools it provides are more important than ever. The increasing use of artificial intelligence (AI) models in enterprises, which are trained on vast volumes of corporate data, has prompted research into creating solutions that will help businesses adhere to the changing rules around AI governance and risk assessment.
Gal Ringel, Co-founder and Chief Executive of Mine, emphasized the need for broader visibility to facilitate efficient data governance for AI initiatives, where data security and privacy are critical priorities. “We’ve engineered a completely differentiated customer experience that has proven itself in the marketplace. Our pragmatic approach, coupled with an unwavering emphasis on ease of use, has deeply resonated with our users,” said Ringel.
Now that its war chest is full, Mine announced that it intends to expand its MineOS platform so that any business can use increased data discovery. The company states that it has witnessed impressive customer growth thus far, spanning all industries and market categories, which is indicative of the widespread need for reliable and user-friendly data privacy and governance solutions. Reddit Inc., HelloFresh SE, Data.ai Inc., and the Fédération internationale de football association (FIFA) are among its more than 2,000 industrial clients.
Jutta Williams, Head of privacy and assurance at Reddit, stated that the benefit of Mine is that it surpasses merely data insights reporting, allowing her team to automate evaluations to fulfill regulatory obligations. “MineOS stands out in the data governance market by not only providing accurate insights but also empowering effective management of our data governance operations,” she added.
Scott Tobin, General Partner of Battery Ventures, said he has been a staunch supporter of Mine from the beginning. “Our investment with Mine underscores our confidence in the team’s innovative approach to empowering B2B enterprises in their privacy endeavors,” he added.