[Funding news] WA-based MIND Secures $11Million in Funding

MIND™, the upcoming leader in data loss prevention (DLP), emerged today from stealth and revealed its breakthrough platform to enable organizations to protect their most sensitive data. MIND raised $11 million in seed round funding led by YL Ventures with participation from leaders at public cybersecurity companies.

In today’s digital world, the risk of important data falling into the wrong hands has never been greater. Increasing data volume, diverse applications and storage options, and constant accessibility all contribute to newfound levels of data complexity.

Adding to that, using Generative AI apps, such as OpenAI ChatGPT, Microsoft Copilot, Anthropic Claude, and Google Gemini, the amount of data is going to grow exponentially. In 2020, there were 64.2 zettabytes of data, and by 2030, the data universe could grow more than 10 times.

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Within each of these unstructured data files is a plethora of sensitive and confidential data such as credit card numbers, social security numbers, credentials, encryption keys, source code, bank statements, contracts, tax forms, invoices, payroll reports, intellectual property documents, etc.

The lack of visibility across IT environments, reliance on manual and static DLP policies, difficulty identifying sensitive data due to basic classification processes, and insufficient context and risk assessment all contribute to the stress and failures of today’s DLP programs—especially trying to protect unstructured data.

Eran Barak, Co-Founder and CEO of MIND said, “As billions of records get leaked every year, we recognize it as one of the major pain points for companies and a problem lacking a comprehensive and simplified data security solution for the era of AI, MIND enables organizations to mind what really matters by taking a new approach to data security that uniquely melds both the visibility of data risks and the actionability of stopping data leaks – holistically addressing sensitive data at rest, in motion, and in use. Our customers have dramatically reduced the resources needed to implement effective DLP programs that truly deliver on both security and compliance needs, leading to much greater efficiency and productivity.”

MIND was founded in 2023 by Eran Barak, who previously founded Hexadite which was later acquired by Microsoft, Itai Schwartz, Co-Founder and CTO, who was the first employee at Torq, a security automation startup, and at Axonius, an asset management unicorn startup, and Hod Bin Noon, Co-Founder and VP of R&D, who was the first employee at Dazz, specializing in real-time vulnerability detection and remediation.

MIND is an intelligent DLP platform that integrates AI and smart automations for the first comprehensive data security solution of its kind, so you can automatically identify, detect, and prevent data leaks at machine speed.

At the core of the platform is MIND AI which puts DLP and insider risk management (IRM) programs on autopilot to autonomously monitor billions of data events 24×7 in real-time, dramatically reduce false positives and noisy alerts, and effectively streamline headcount needed.

Justin Somaini, Partner at YL Ventures said, “MIND’s platform is the new, unified, comprehensive approach to addressing data leakage issues that threaten every company today, With a visionary leadership team and innovative technology, MIND is well-positioned to lead the DLP sector and face evolving cyber threats.”

Ryan Fritts, Chief Information Officer at Everon and former Chief Information Security Officer at ADT said, “The market urgently needs a robust solution to manage the ever-expanding sources of sensitive data across small businesses and large enterprises, MIND’s platform provides the first truly comprehensive approach to secure data, enabling companies to focus on innovation and sustainable growth with complete peace of mind. It delivers immediate value for security and IT teams by requiring dramatically fewer resources and headcount needed to manage and run their DLP programs.”

About MIND

MIND is on a mission to help organizations thrive in a digital world in the AI era by protecting their most sensitive information. MIND is the first-ever data security platform that puts data loss prevention (DLP) and insider risk management (IRM) programs on autopilot to automatically protect sensitive information, mitigate risk, and preserve brand reputation.