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mechanization continue to be a major theme in the endeavor — emphasize not least by the ascent of AI as a tool to help fix some of the more mundane , imagination - intensive and split aspects of how security and other IT function operate . To capitalize on that trend , one of the bigger startup in the space , the Dublin - foundedTines , is announcing $ 50 million in financial support . tine started with its root in security work flow mechanization but has seen acceptation across other parts of the IT landscape painting . Now , on the back of revenues produce 200 % in the last 18 calendar month , it plan to use the new capital to enlarge its automation platform toy profoundly into applications in infrastructure , engineering and Cartesian product .
The funding — co - direct by existing investor Accel and Felicis — is being describe as an elongation of the companionship ’s Series B rather than a Series C.
“ We were n’t proactively assay to raise and were focus on work up the business , ” Tines ’ chief executive officer and carbon monoxide gas - founder Eoin Hinchy say in an interview . “ Our existing investors saw our execution and approached us . We went from discussing what a beat could look like to it being wrapped up in a couplet of weeks . ” He confirmed that it is not profitable currently by selection , to focus on growth .
This really makes this the 2d reference to Tines ’ Series B in three age , with the original turn appear in 2021 ( at$26 million ) , and the first extension coming in October 2022 ( $ 55 million ) .
But it ’s not without a rating bump . Hinchy declined to disclose the numbers but other seed close to the fellowship confirmed it ’s now valued post - money at near to $ 600 million . ( As a tip of comparison , PitchBook datanotes that it was valued at $ 423 million at the first extension . ) Others in this round admit Addition , strategical angel CrowdStrike Falcon Fund and SVCI — all existing investors in Tines .
It has now raised some $ 146.2 million in totality .
As we have previously delineate , the break in the market that Tines is point come from Hinchy ’s and his cobalt - founder Thomas Kinsella ’s direct experience . Hinchy is a classical technical founder . He and Kinsella ( now primary customer policeman ) bothspent around a decadeworking in contribute part in cybersecurity for companies like DocuSign , eBay and Deloitte , where they get hold major gap in the market for tools to facilitate better manage the large routine of services they used to traverse data point and meshwork bodily process for his companies .
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All of that was compounded by not just the explosion of new cybersecurity technique but also hack risks that grew out of the upgrade of swarm computing and related to innovations . Hinchy guess to me that the average security team manages some 77 different products , with “ some in the hundreds . ”
“ By 2017 we urgently require a workflow automation tool , and really nothing out there came close to what we wanted , so we decided to build what we wish well we had , ” Hinchy said . tine covers what he distinguish as “ mission decisive work flow ” which in security includes tools to monitor and track security alerts , compliance alert and progressively field that are side by side to where security measures teams ask to have visibility such as employee onboarding and offboarding , patch up management in IT and more .
“ We are the plumbing between these systems , ” he said .
Although Hinchy is technical himself , he fancy that another gap was that a lot of the need for monitoring was best attend by not having to be a technical answer in itself . The whole of Tines is conceptualized in a drag - and - drop , no - code framework , build auction block that aim to reduce the amount of time it adopt to create and pull off workflows on the platform .
That is where the chance lies also for Tines ’ investors . Although there are definite and very large challenger in the market , including Splunk ( and now Cisco by virtue ofhaving develop Splunk this twelvemonth ) , Palo Alto Networks , ServiceNow and Microsoft , Tines and its backers and its user would vie that their focused and more context - cognizant approach is more useful and effective .
“ client satisfaction is typically abysmally low in security , ” Jake Storm , the partner at Felicis who led the slew , say in an consultation . He suppose that he was surprised , when making due diligence calls when weighing up this latest business deal , how different that was for Tines . “ That ’s just unheard of . It was just glaringly obvious that Tines was years ahead of its competitors back in 2022 and we just sense that gap has continued to extend . ”
Luca Bocchio at Accel sees workflow as the central lose connexion , one that sacrifice tine a lot of potential to set itself further as a platform , not a overhaul .
“ If anything over the last few years , the maturation of security needs has conduce to more security products and tools and that boils down to more work flow needs . That means Tines is becoming more relevant . With security measures being part of broader IT and job operations , it by nature call for to engage with the relaxation of the administration . ”
