MIND, a Seattle-and-Tel-Aviv data loss prevention startup that did not sell a product until early 2025, closed a $72 million Series B on September 17, led by Crosspoint Capital Partners with YL Ventures and Paladin Capital Group returning. Total funding stands at $112 million, of which $102 million arrived in the last twelve months. Company sources told Calcalist the round values MIND at roughly $300 million, about triple the Series A price a year ago.
The headline growth numbers are large because the base was small. MIND says revenue grew more than 17x and customers 8x over the past year. Calcalist reports the company has reached a $10 million annual revenue run rate 18 months after it began selling. Run the arithmetic backward and a year ago MIND was booking somewhere around $600,000 in annualized revenue, which is roughly what one mid-sized enterprise DLP contract is worth. Eightfold customer growth to "dozens" of customers implies a starting count in the single digits. The trajectory is real; the multiples are what any company looks like in its first year of sales.
Crosspoint, the firm run by former Symantec and Blue Coat chief executive Greg Clark, put in approximately $35 million of the $72 million, according to Calcalist, its first investment in an Israeli company. Crosspoint had already written a smaller check, about $5 million, after MIND reached the RSAC Innovation Sandbox finals in 2025. All proceeds went to the company; there was no secondary component. MIND employs about 70 people, 40 of them in Israel, and plans to double the Israeli product and engineering teams.
"Security leaders are being asked to protect data that moves at AI speed with complex, manual and incomplete tools designed for a slower world," said co-founder and CEO Eran Barak. "DLP is a massive, established market, but it was not built with AI in mind."
Barak, who co-founded Hexadite and sold it to Microsoft for roughly $100 million in 2017, was notably restrained about the round size for a founder in a hot category. "We could have raised a larger round, including a secondary component, but I want to create real value for investors and employees," he told Calcalist. "That's why we believe it's wrong to raise $100-200 million if the company's revenue run rate doesn't yet justify it." He then set a target that will be easy to check against: a $1 billion valuation and $100 million in revenue within two years, which would require a further tenfold increase in run rate.
The product pitch is that DLP, a category that dates to the mid-2000s and is dominated by Microsoft Purview, Symantec's successor Broadcom, Forcepoint and the secure-access vendors Netskope, Zscaler and Palo Alto Networks, was built around regular expressions and static policy for a world where data left the company through email attachments and USB sticks. Now it leaves through a paste into ChatGPT, Claude or Copilot, or through an AI agent that has been granted read access to a CRM, a file share and a ticketing system and can move data between them without a human in the loop. MIND says its platform classifies files by both content and context, watches data across SaaS, GenAI tools, agentic AI, endpoints, on-premise file shares and email, and can block risky activity in real time.
The twist is that MIND's answer to agent risk is more agents. In the past year it launched what it calls MIND AI DLP Agents, software that investigates alerts, tunes policies and closes incidents without an analyst. The company also secured two credentials that will matter more in procurement than in engineering: it says it was the first data security company accepted into Anthropic's Cyber Verification Program and the first to earn ISO/IEC 42001 certification, the management-system standard for responsible AI.
Zach Sivertson, managing director at Crosspoint, framed the thesis in the same terms. "AI is fundamentally changing data security, increasing the importance of a unified approach to DLP that can help protect sensitive data wherever it lives or moves," he said. "Since our Series A investment and MIND's selection as an RSAC Innovation Sandbox finalist, MIND has demonstrated strong momentum."
Two customers were put forward for the announcement. Conrad Band, CIO of Children's Hospital Los Angeles, said the hospital uses MIND to discover and block protected health information from entering AI tools on employee endpoints. Mark DeCarlo of the National Geographic Society said MIND gave his team visibility into where and when the organization's data interacts with AI agents, which it had not had before.
Why It Matters
DLP has long been the security product that everyone buys and nobody likes: high false-positive rates, rule sets that take months to tune, and a reputation for generating tickets rather than stopping leaks. Generative AI has changed the calculus in two ways. First, the volume of data leaving via chat prompts and agent tool calls is orders of magnitude larger than via email, and the destinations are third-party model providers whose retention policies vary. Second, the incumbents' rule-based engines cannot read a 40-page document pasted into a prompt and decide whether it contains a customer list. That opens the door to vendors who classify with language models, and the field is crowded: Nightfall, Cyberhaven and Netskope have all repositioned around GenAI data protection, Zscaler and Palo Alto have bundled it into their SASE platforms, and Varonis, which Calcalist reports is in acquisition talks with Proofpoint at $6-7 billion, sets the ceiling for what a data-security exit looks like.
MIND's differentiation is that it is trying to own the full stack, from discovery of data at rest to blocking in motion, rather than bolting a GenAI filter onto a network proxy. That is also its risk. A 70-person company selling a complete DLP replacement to Fortune 500 security teams is asking buyers to rip out software that is already integrated with Microsoft 365, and Purview ships free with the E5 license. The $300 million valuation on a $10 million run rate, about 30x, is aggressive but not out of line with 2026 cyber rounds; the question is whether the next 12 months look like the last 12 or like a typical enterprise sales cycle.
What to Watch
Barak has given the market a scorecard: $100 million in revenue and a $1 billion valuation within two years. Watch whether MIND discloses customer counts rather than growth multiples in its next announcement, whether Microsoft moves to close the GenAI gap in Purview, and whether the Proofpoint-Varonis deal, if it closes, resets pricing for data-security assets. Also watch how much weight enterprise buyers put on the Anthropic verification and ISO 42001 badges. If they become table stakes in RFPs, the vendors who collected them first bought themselves a real, if temporary, edge.
"We believe it's wrong to raise $100-200 million if the company's revenue run rate doesn't yet justify it."— Eran Barak, Co-Founder and CEO, MIND