In this digital age, where every online transaction, interaction, and click leaves a data trail, the imperative for organizations to maintain robust data-privacy programs has never been clearer. This also has led to a myriad of new data-privacy laws and regulations all over the globe. While these new laws no doubt have the positive impact of protecting individual data rights, they also present challenges for businesses trying to comply with the intricate puzzle of global privacy regulations—and, in our view, present an opportunity for tech startups to provide software solutions focused on streamlining.
Understanding the global privacy challenge
The digital world’s complexity is mirrored in the patchwork of privacy regulations that now span the globe.
Europe was early in regulating privacy with the European Union’s landmark General Data Protection Regulation (GDPR), introduced in 2018, which later became a benchmark for data protection globally. The law empowers individuals and protects their privacy by giving them rights like data access, rectification and the “right to be forgotten” online, meaning their private information can be removed, transferred or retrieved from any organization holding it.
Hot on its heels, Brazil’s General Data Protection Law (called LGPD) and a cascade of new U.S. laws in states including Virginia and California, and upcoming regulations in Colorado, Connecticut and Utah, are reshaping the privacy terrain. Meanwhile, India is considering a Personal Data Protection Bill. These laws are not static; they evolve, bringing new challenges and complexities for businesses to navigate with each iteration.
And it goes without saying that the financial repercussions of running afoul of new regulations are monumental. GDPR violations can lead to fines in the tens of millions, as seen with Clearview AI’s €20 million penalty by Greece’s data-protection authority; the fine related to unlawful processing of personal data . But the costs to companies don’t stop at fines: Reputational damage, customer distrust and legal fees can inflict long-term harm on businesses.
MineOS’s answer to these business challenges
In this challenging environment, Mine’s* data-privacy solution MineOS can, in our view, offer a lifeline to enterprises that find it hard to keep up with the ever-increasing complexity and onerous processes linked to online-privacy regulations. The product’s AI-powered platform enables businesses to navigate the compliance landscape with a no-code, user-friendly interface, which is extremely helpful to privacy professionals. The platform’s Data Mapping feature and API integrations automate the once-laborious tasks of privacy compliance, turning a regulatory maze into a streamlined process and replacing spreadsheet-based work. Mine even goes a step further and proactively plugs into tools like companies’ single-sign-on software, email services, customer-data platforms and more, to keep compliance departments abreast of changes in data practices and to rapidly identify data silos.
Source: Mine.
Addressing privacy professionals’ needs
A recent analysis by consulting firm Gartner posits that the average expenditure incurred by a business in addressing a data- subject request, or DSR (a consumer’s petition to expunge personal data from corporate records) stands at $1,524 per instance. MineOS’s methodology toward DSRs reinstates autonomy to both enterprises and consumers by facilitating a fully automated approach to facilitate any request, from making the relevant changes in a database to notifying a consumer that their request has been complete. In addition, escalating regulatory demands often necessitate that legal and compliance departments meticulously maintain records and reports. To this end, Mine’s records-of-processing activities (RoPA) reports significantly streamline and mechanize the upkeep of compliance documentation. Moreover, as IT and security departments endeavor to remain up to date on their organizations’ privacy postures, the platform’s assessments of vendor risk and the management of data- processing agreements (DPAs) aligning of all the external partnerships with established privacy standards.
Consumers also care about their data trail
Mine also offers products for consumers. Mine’s B2C product called “SayMine” allows individuals to discover where their personal data resides online, providing a clear picture of their digital exposure. Mine also empowers users to take proactive steps to remove unnecessary data and reduce their online exposure, thereby minimizing potential digital risks. The process is swift, with the platform boasting the capability to reveal where one’s personal data is online in less than 30 seconds.
Over 4.0 million consumer users are connected to Mine for a safer online experience. A significant 40% of these users have successfully reduced their digital footprint and online exposure and according to Mine, 350,000 of those users were saved from potential data breaches.
In essence, Mine serves as a smart data assistant, helping individuals discover which companies hold their data and providing them with the tools to take control.
Battery is fortunate to double down on Mine in the company’s Series B financing
As the scope of digital footprints broadens and becomes increasingly interwoven with the fabric of our everyday lives, we recognize that the imperative for robust data-privacy safeguards will only intensify. For this reason, Battery has been partnering with Mine since the company’s seed stage, and today we’re excited to announce that we are leading the company’s $30 million Series B financing round.
Overall, we see Mine as a critical force in the evolving landscape of global data-privacy regulation—a landscape characterized by complexity and the diverse legal frameworks of various global and U.S. regions. We feel that Mine’s platform, with its sharp emphasis on automation and user empowerment, is pioneering a new paradigm in data protection.
The information contained herein is based solely on the opinions of Lior Mallul and Barak Schoster and nothing should be construed as investment advice. This material is provided for informational purposes, and it is not, and may not be relied on in any manner as, legal, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in any fund or investment vehicle managed by Battery Ventures or any other Battery entity.
This information covers investment and market activity, industry or sector trends, or other broad-based economic or market conditions and is for educational purposes.*For a full list of all Battery investments and exits, please click here.
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