AI Startup MIND Uncovers Fraudsters in Disguise, Secures $101M Valuation

AI Exposes Fraudsters Posing as Employees

In a startling revelation, MIND, a Seattle-based cybersecurity startup, has developed an AI system capable of identifying fraudsters who disguise themselves as employees to steal sensitive data. The company, co-founded by Eran Barak, recently announced a $30 million Series A funding round, valuing the startup at $101 million.

The Incident That Sparked Innovation

Barak shared a chilling example where a financial services company hired a remote worker who seemed legitimate during interviews and background checks. However, MIND's AI software detected the employee sending sensitive data to a personal cloud account. It was later discovered that the person working was not the same individual interviewed—a professional fraudster had sold the job.

How MIND's AI Works

MIND's AI, dubbed "autopilot," autonomously identifies sensitive data and helps IT teams secure it, reducing false alerts about data leaks to nearly zero. The AI agent sits on each employee’s device, detecting and blocking data leakages in real-time, whether via browser or other apps.

"We want to push what we call a small language model to the device itself, so we can really classify on the fly much more complex, sensitive data on the device," Barak told Forbes.

The Team Behind MIND

The co-founders bring a wealth of experience in AI and cybersecurity:

• Eran Barak: Co-founded Hexadite, sold to Microsoft for $100 million.
• Hod Bin Noon: VP of R&D, previously at Dazz, acquired by Wiz for $450 million.
• Itai Schwartz: CTO, former senior engineer at Torq.

Competition and Future Outlook

MIND faces competition from startups like CyberHaven, which hit a $1 billion valuation earlier this year. While AI is transforming cybersecurity, Barak believes it won’t completely replace human oversight but enhances precision and depth in data classification.