Crosspoint pays about 30 times run rate to lead MIND's $72M Series B

Thirty times is the multiple the round sets: $300 million of estimated value against a $10 million annual run rate ^[1]. 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 ^[13]. A billion dollars on $100 million of revenue is ten times ^[6], and moving revenue from $10 million to $100 million in 24 months means compounding about 3.2 times a year ^[2]. MIND says revenue grew more than 1,700% over the past year ^[11]. 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 ^[12]. The restraint is about the size of the round. Every dollar of the $72 million went into the company, with no secondary sale ^[5], and on the tripling the same shares were worth about $100 million a year ago ^[5].

Crosspoint put in roughly $35 million, about 49% of the round, and it is the firm's first investment in an Israeli company ^[6][3]. 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 ^[7], which brings its total in to around $40 million ^[4]. Crosspoint is led by Greg Clark, the former chief executive of Symantec and Blue Coat, and its portfolio includes McAfee and Forescout ^[8].

The book is concentrated. MIND attributes its growth to six-figure multi-year contracts with large enterprises ^[14], 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 ^[8]. The publicly named customers are Crunchyroll and Sungrow Power Supply ^[15].

Spending goes to platform work, deeper AI governance, agentic coverage, US enterprise expansion, and doubling the product and development team in Israel ^[17], where 40 of about 70 employees sit ^[16].

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 ^[20]. 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 ^[19]; the figure of 65% of enterprises lacking confidence in the controls over data feeding their AI systems comes from research MIND published this year ^[18].

At the same ten times Barak is targeting, $300 million today already assumes $30 million of revenue ^[7]. Growth of three times from here returns this round's investors their entry price, and the two remaining turns are the return.