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In a turbulent year for venture capital investing, Mine countered the trend with a Series B $30 million funding round co-led by PayPal Ventures and Battery Ventures, with notable investment from Nationwide Ventures.
The shift in regulation for both consumer and employee privacy in both the U.S. and the European Union has increased an enterprise’s responsibilities around privacy for both their employees, as well as their customers.
Additional participants in Mine’s Series B are existing investors, including Saban Ventures, Gradient Ventures (Google’s AI-focused arm), MassMutual Ventures and Headline Ventures.
“We’re going to be in the frontline of integrating AI within privacy and data governance side,” Mine co-founder and CEO Gal Ringel told VentureBeat during a recent interview.
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“One of the key things we want to do next year is penetrate the enterprise segment.”
Mine wants to bring AI-powered privacy management to the enterprise
“The vision of the company, as stated in the series B funding round, is to become the single source of truth of data within an organization, finding and classifying all data and providing a real-time and continuous look at what a company is dealing with,” Ringel said.
The company will invest part of the new funding in tripling its headcount across all departments, with a particular focus on research and development (R&D). Ringel emphasized that their goal is to bolster the company’s capabilities to penetrate the enterprise segment, which requires the completion of several enterprise features. To achieve this goal, Mine is actively hiring backend engineers, some of whom are focused on DevOps. Additionally, the company is looking to expand its data science team to further its AI-related initiatives.
Ringel says that the company’s success in the mid-tier of the market sets a solid foundation for growth into enterprises – a key goal for Mine in 2024 and beyond. Cracking the enterprise market will take a combination of strong governance, compliance and digital experience workflows that can scale and flex to what CIOs, CISOs, and governance teams need. That challenge is a perfect use case for AI and machine learning, especially given how complex compliance regulations and laws are today.
What Ringel and the Mine team have working in their favor is a successful track record of taking on the complexities of protecting privacy while orchestrating governance, compliance and regulatory reporting in the mid-market. Enterprises are wasting millions of dollars a year attempting to comply with increasingly stringent regulations, including CCPA, GDPR and others very specific in how personal data needs to be secured.
Ringel tells VentureBeat that the legacy approaches to complying with this complex regulation is an area Mine can help with. AI and machine learning (ML) have the potential to transform privacy management by automating complex processes, including data mapping and risk assessment, reducing human error and enhancing efficiency in the process.
Mine’s vision is to provide privacy and a solid digital experience with AI
Mine is noteworthy from an enterprise privacy management standpoint that they’ve architected their AI algorithms to sift through the extensive data enterprises have to identify, manage and manage personal information. The company’s previous history was in B2C, where they learned valuable lessons on how to deliver a solid digital experience. Their current platform – and future roadmap plans- those lessons learned are evident.
By automating these processes and ensuring their privacy using an AI-driven approach, Mine can ensure compliance with privacy laws and empower businesses to handle consumer data responsibly. The automation and scalability AI offers means that privacy management remains manageable and efficient even as data volumes grow.
2024 will be the year privacy combined with digital experiences becomes the killer app
A $30M Series B round in this environment is a strong vote of confidence for AI-powered privacy solutions that also deliver solid digital experiences. Implicit in the funding round is how critical getting digital experiences right in 2024 will be, especially in privacy.
VentureBeat continues to see how the future of enterprise software will be defined by how well DevOps teams, from startups to the largest providers, build products with privacy at their core. “Privacy by design is all about intention. What you want is privacy by engineering,” Anshu Sharma, co-founder and CEO of Skyflow, told VentureBeat in an interview earlier this year. “Or privacy by architecture. That means there is a specific way of building applications, data systems and technology, such that privacy is engineered in and built right into your architecture.”
Ivanti has called for the U.S. government to lead in ensuring digital privacy and safety. Their senior management team and counsel have called for a comprehensive federal framework to protect consumer data privacy.
In a recent interview with VentureBeat, Dr. Srinivas Mukkamala, chief product officer at Ivanti, predicted that “in 2024, the continued convergence of 5G and IoT will redefine our digital experiences. Likewise, there will be heightened demand for more rigorous standards focused on security, privacy, device interaction, and making our society more interconnected. The expectation to connect everywhere, on any device, will only increase. Organizations need to ensure they have the right infrastructure to enable this everywhere connectedness that employees expect.”
Corporate and personal privacy often get compromised on endpoints; however, often one of the least-protected threat surfaces in a company. Daren Goeson, senior vice president of Secure Unified Endpoint Management at Ivanti, told VentureBeat, “The intersection between teams is critical – and necessary – for productivity and efficiency for the organization as a whole. IT and security tool convergence streamline operations by improving regulatory compliance, reducing response time for security-related issues, and enhancing the employee experience.”
Ringel and his team are reading the enterprise market well, anticipating an even greater convergence of enterprise privacy management with the digital lives of employees, suppliers and selling partners. Mine knows privacy is the killer app – the catalyst of an exceptionally strong digital experience.
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