Crosspoint pays about 30 times run rate to lead MIND's $72M Series B
The Series B takes MIND to $112 million raised against a $10 million run rate, and Crosspoint supplied about half of it. The $300 million price assumes Eran Barak hits $100 million of revenue within two years.
The Investor · Invest desk
What happened
- MIND raised a $72 million Series B led by Crosspoint Capital Partners, with existing backers YL Ventures and Paladin Capital Group participating, taking the company's total raised to $112 million.
- Company sources told Calcalist the valuation tripled to $300 million from the $30 million round a year earlier, and all of the money went to the company with no secondary sale.
- The company credits six-figure multi-year enterprise contracts for the growth, names Crunchyroll and Sungrow Power Supply as customers, and employs about 70 people across Israel and the US.
Why it matters
- What it limits constraint The price sets the hurdle for the next raise: the $10 million run rate has to compound about 3.2 times a year for two years to support the billion-dollar mark, and one slow year means a lower price or worse terms at the Series C.
- Who has to decide decision By refusing a secondary component, Barak left employees and early backers with no cash at the tripled mark. His $100 million revenue target is the event that pays them.
- Who's exposed exposure The $300 million figure rests on company sources speaking to Calcalist, with no investor putting it on the record, so the multiple now attached to MIND is unconfirmed by the people who paid it.
- What it sets up precedent A firm run by Symantec's former chief executive, holding McAfee and Forescout, paying growth-software pricing for AI-native DLP tells other legacy security owners what the replacement of a twenty-year-old category costs.
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Thirty times is the multiple the round sets: $300 million of estimated value against a $10 million annual run rate [24]. Barak names the second multiple himself. "We are confident that our next milestone will be a billion-dollar valuation and $100 million in revenue. I believe we'll get there within two years," he told Calcalist [18]. A billion dollars on $100 million of revenue is ten times [29], and moving revenue from $10 million to $100 million in 24 months means compounding about 3.2 times a year [25]. MIND says revenue grew more than 1,700% over the past year [6]. The plan asks for slower growth than that, off a base ten times bigger.
Barak turned down a bigger cheque. "We could have raised a larger round, including a secondary component, but I want to create real value for investors and employees. Today, we see quite a few unicorns whose valuations don't align with their actual size. Ultimately, it is the employees who pay the price, as they don't make money in such companies. 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 said [17]. The restraint is about the size of the round. Every dollar of the $72 million went into the company, with no secondary sale [12], and on the tripling the same shares were worth about $100 million a year ago [28].
Crosspoint put in roughly $35 million, about 49% of the round, and it is the firm's first investment in an Israeli company [13][26]. It had already committed about $5 million a year earlier, after MIND was named one of the ten most innovative cybersecurity companies at the RSAC Innovation Sandbox and the only DLP-focused entrant for 2025 [14], which brings its total in to around $40 million [27]. Crosspoint is led by Greg Clark, the former chief executive of Symantec and Blue Coat, and its portfolio includes McAfee and Forescout [15].
The book is concentrated. MIND attributes its growth to six-figure multi-year contracts with large enterprises [19], so at $100,000 a contract the $10 million run rate is no more than 100 accounts, each worth at least one percent of revenue [23]. The publicly named customers are Crunchyroll and Sungrow Power Supply [20].
Spending goes to platform work, deeper AI governance, agentic coverage, US enterprise expansion, and doubling the product and development team in Israel [7], where 40 of about 70 employees sit [21].
The demand case is largely MIND's own measurement. None of the three accounts names a competitor in a category that has existed for more than twenty years [22]. The company says 90% of enterprises have deployed GenAI tools, more than two-thirds use AI agents, and one in five AI initiatives fail because of weak data foundations [9]; the figure of 65% of enterprises lacking confidence in the controls over data feeding their AI systems comes from research MIND published this year [8].
At the same ten times Barak is targeting, $300 million today already assumes $30 million of revenue [30]. Growth of three times from here returns this round's investors their entry price, and the two remaining turns are the return.
What to watch
- A Crosspoint follow-on or a second Israeli deal. Either would show whether the $35 million was a category bet or a one-off.
- The first renewal cohort on those six-figure multi-year contracts, and whether the $10 million book holds without new logos.
- The size and pricing of the next round, where the 3.2-times-a-year assumption gets tested against reported revenue.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence52
- Adoption40
- Hype gap+28
- Incentives78
- Confidence66
Perspective Coverage
3 publishers- Builder
- Builder 28%
- Operator
- Operator 25%
- Investor
- Investor 47%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
MIND Security raised $72 million in Series B funding, led by Crosspoint Capital Partners with participation from existing investors YL Ventures and Paladin Capital Group.
- [2]
MIND has raised a total of $112 million to date.
- [3]
Company sources estimate MIND's valuation has tripled since its previous round, reaching $300 million in the current round, according to Calcalist.
- [4]
The Series B funding date is recorded as September 17, 2026.
- [5]
MIND's previous round was $30 million, secured one year earlier and led by Paladin Capital Group.
- [6]
MIND says it has achieved more than 1,700% revenue growth and 800% customer growth over the past year.
- [7]
The $72 million will fund platform development including deeper AI governance capabilities and expanded agentic AI coverage, expansion into key US enterprise markets, technology and channel partnerships, and doubling the product and development team in Israel.
- [8]
Research published by MIND this year found that 65 percent of enterprises do not feel confident in their controls over data that feeds their AI systems.
- [9]
According to MIND, 90% of enterprises have deployed GenAI tools, more than two-thirds are using AI agents, and one in five AI initiatives fail because of weak data foundations.
- [10]
MIND recently launched MIND AI DLP Agents, which autonomously handle day-to-day DLP tasks including building custom classifiers, drafting policies, investigating incidents and tuning rules, with analysts able to instruct them in plain language through a Model Context Protocol interface.
- [11]
MIND is headquartered in Seattle with development in Tel Aviv, and was founded in 2023 by Eran Barak, Itai Schwartz and Hod Bin-Noon.
- [12]
All of the proceeds from the latest round went directly to the company, with no secondary sale involved.
- [13]
Crosspoint Capital Partners led the round with approximately $35 million, its first investment in an Israeli company.
- [14]
Crosspoint had previously invested approximately $5 million in MIND a year ago during the RSAC Innovation Sandbox competition, where MIND was named one of the 10 most innovative cybersecurity companies and the only DLP-focused entrant for 2025.
- [15]
Crosspoint is led by Greg Clark, the former CEO of Symantec and Blue Coat, and its portfolio includes McAfee and Forescout.
- [16]
MIND has reached an annual revenue run rate of $10 million, 18 months after beginning to sell its product.
- [17]
"We could have raised a larger round, including a secondary component, but I want to create real value for investors and employees. Today, we see quite a few unicorns whose valuations don't align with their actual size. Ultimately, it is the employees who pay the price, as they don't make money in such companies. 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," MIND CEO Eran Barak told Calcalist.
- [18]
"We are confident that our next milestone will be a billion-dollar valuation and $100 million in revenue. I believe we'll get there within two years," Barak told Calcalist.
- [19]
MIND attributes its growth to six-figure multi-year contracts with large enterprises trying to adopt AI safely.
- [20]
MIND's public customer names include Sony's anime streaming service Crunchyroll and Sungrow Power Supply.
- [21]
MIND employs approximately 70 people, with 40 based in Israel and the remainder in the U.S.
- [22]
Data loss prevention, known as DLP, has existed for over twenty years, and earlier DLP tools struggle to keep up with AI advancements.
- [23]
If contracts are six figures, a $10 million run rate is no more than 100 accounts, each at least one percent of revenue.
- [24]
A $300 million valuation against a $10 million annual revenue run rate is 30 times run rate.
- [25]
Going from a $10 million run rate to $100 million in 24 months requires compounding of about 3.2 times a year.
- [26]
Crosspoint's approximately $35 million is about 49% of the $72 million round.
- [27]
Crosspoint's total invested in MIND is about $40 million.
- [28]
A tripling to $300 million implies a valuation of about $100 million at the previous round a year earlier.
- [29]
Barak's stated targets of a $1 billion valuation on $100 million of revenue imply a 10 times revenue multiple.
- [30]
At the 10 times revenue multiple implied by Barak's targets, today's $300 million valuation corresponds to $30 million of revenue, three times the current run rate.
Sources
3 independent publishers whose own reporting we read for this story.
- calcalistech.comMind, whose AI agents autonomously handle data loss prevention tasks, raised a $72M Series B, sources say at a $300M valuation, taking its total raised to $112M
1 article · September 18, 2026
- thesaasnews.comMIND Raises $72M Series B
1 article · September 18, 2026
- ventureburn.comMIND Raises $72 Million To Rebuild AI Data Loss Prevention
1 article · September 18, 2026
Topics and entities
Topics
- Cybersecurity Venture Funding
- Agentic AI and tool use
- AI Governance
- Data Loss Prevention
- Israeli Tech Ecosystem
Entities
- Unit 8200
- Model Context Protocol
- RSAC Innovation Sandbox
- Crosspoint Capital Partners
- Sungrow Power Supply
- Varonis
- Paladin Capital Group
- Proofpoint
- Anthropic