Israeli data privacy management startup Mine said Tuesday that it has raised $30 million in a Series B funding round led by Battery Ventures and PayPal Ventures, with “significant investments” from Nationwide Ventures.
The investment will help the startup to scale its enterprise data privacy management platform, known as MineOS, as businesses face an evolving landscape of regulations, according to Mine CEO Gal Ringel.
“We are aiming to make MineOS the definitive solution for data privacy and governance globally, catering to a diverse range of industries and markets and penetrating the Fortune 2000 segment,” Ringel said in an emailed statement. “In addition, we will be expanding our employee footprint and go-to-market focus in the United States.”
Currently, the U.S. doesn’t have a comprehensive federal privacy law. Instead, companies in the U.S. face a patchwork of privacy laws and regulations at the federal and state levels.
The U.S. data privacy landscape changed significantly with the emergence of the California Consumer Privacy Act, first enacted in 2018 and updated with substantial amendments in 2019, according to a September blog post by White & Case attorney F. Paul Pittman.
“Since then, activity at the state level has increased as more states look to establish data privacy laws in the absence of a comprehensive data privacy law at the federal level,” Pittman said.
Established in 2018, Mine seeks to ease customers’ frustration with complex data requirements by helping them to automate compliance.
“Recognizing the impending surge in state-level data regulations and the ongoing data explosion from massive data generation, collection, and management, Mine is poised to lead the market in the upcoming years of heightened data privacy focus in the US, projected for 2024 and 2025,” the startup said in a Tuesday press release announcing the investment deal.
Osano, another data privacy management startup, announced in August that it raised $25 million in a Series B funding round led by Baird Capital, a Chicago-based venture capital firm, as previously reported by CFO Dive.
Mine’s funding deal is the latest sign that Israel’s tech market has remained active in the wake of the Israel-Hamas war. Last month, Santa Clara, California-based Palo Alto Networks announced an agreement to buy Talon Cyber Security, its second acquisition of an Israel-based tech startup since the start of the war in October.