Israeli Data Privacy Startup Raises $30M in Wartime

Israeli data privacy startup Mine has raised $30 million in its Series B funding round, led by PayPal, US tech-focused investment firm Battery Ventures and American insurance giant Nationwide. 

The funding, which was completed after the October 7 outbreak of Israel’s current war with Hamas in Gaza, will be used to help the company expand the global reach of its MineOS B2B platform in the coming years. 

The platform maps a company’s data assets, allowing it to manage both data and privacy efficiently, while cutting costs and reducing risk. It is used by multiple departments within an organization, including legal, engineering, IT and security teams. 

The company, which was created in 2019, operates in Israel, the US and Germany. Its clients include Reddit, HelloFresh SE, Fender and Guesty. 

“The funding was completed in the second week of October, a week after the outbreak of the war. 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 to a rate of millions of dollars,” said Mine CEO Gal Ringel. 

“We are happy to power hundreds of companies worldwide with automated mapping of all the systems and data used by their organization and ensuring they meet the different data governance standards and privacy regulations,” he said.

“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 Battery Ventures Senior Partner Scott Tobin.