How Mine is providing enterprises and consumers with a human-centric data privacy experience

By Alan Du and Rachel X. Zhao

In today’s world, it is easy to feel like we have little control over our data and how it is used.?Companies collect consumer data for a number of legitimate reasons, but they also have legal obligations to protect that data and use it responsibly. Mine has created a unique solution that combines a consumer-facing solution that provides individuals with visibility into where their data is being used, with a no-code, automated enterprise data lifecycle management platform that allows complete data visibility, privacy, and governance automation. We are investing in Mine because we are aligned with their mission to protect the privacy of millions of people across 180+ countries.

Do people care about privacy? The answer is a clear yes. Data breaches can happen often and put customers’ personal information at risk. High-profile regulatory enforcement actions are also driving market awareness. Mine’s recent commercials went viral on YouTube and TikTok, helping Mine reach 1 million user sign-ups within 13 months since its initial launch. Once signed up, it takes only seconds for consumers to uncover their online data footprint through Mine’s scanning tool – which can often show a surprisingly large number of companies (as many as several hundreds) who have access to a consumer’s personal data.

Studies estimate that the average annual cost for organizations to maintain data protection legal compliance is nearly $6 million. Companies must keep up with the evolving regulatory environment. The General Data Protection Regulation (GDPR) introduced stringent laws on privacy and data protection in the EU. American state governments are also enacting increasingly stringent privacy laws. For example, the California Consumer Privacy Act (CCPA) took effect in January 2020, followed quickly by the California Privacy Rights Act in January 2023. Following California’s lead, Virginia, Connecticut, Colorado, and Utah are enacting their own privacy laws. We anticipate that more states will follow suit and create privacy regulations. Enterprises, especially those that work across state lines and national borders, will need to invest more heavily into data governance and compliance automation tools to maintain compliance and avoid potentially significant penalties.

We are excited about Mine’s product and team, and also the enormous market opportunity. We have been extremely impressed by its massive community of nearly 5 million individual consumers, who together have contributed to a unique go-to-market motion that fuels enterprise adoption. Together with the huge consumer demand, Mine is successfully serving more than 150 enterprise customers who put privacy first and demand more protection and accountability. Their offering for companies, MineOS, provides powerful, real-time, and continuous data mapping that allows any organization to discover all the assets they pose in their cloud environment and all the SAAS apps they are using, followed by a comprehensive data classification algorithm that scans the data to understand what types of data the company holds. This is followed by cutting-edge Smart Privacy Assistant (MineAI) that assists legal teams with building their privacy program in a semi-automated way, saving a lot of time and providing peace of mind.

Mine has ushered in an era where consumers can now finally take back active control of how their data is collected, stored, and used, and at the same time, empowers companies to have best-in-class data mapping capabilities to be able to be more transparent and gain trust around their privacy practices. PayPal Ventures is thrilled to welcome Mine to the portfolio!

If you are a company looking to automate your data privacy and governance activities, you can book a demo on the MineOS website: https://www.mineos.ai/

If you are an individual curious about your online footprint, get started with Mine today: https://www.saymine.com/

If you are interested in career opportunities at Mine: https://www.mineos.ai/careers

Sources: Saymine.com, MineOS.ai, MarketsandMarkets