Irish no-code security automation company Tines has raised around €21.9 million in a Series B funding round led by Addition.
The 18-person company is now valued at €253.4 million and has now raised a total of around €34.7 million in total funding with follow-on funding from high level investors including Accel and Blossom Capital. They also have strategic investment from cyber security backers, CrowdStrike (from their Falcon Fund) and Silicon Valley CISO Investments.
Founded in 2018, Tines is on a mission to allow frontline employees focus on more business critical tasks and improve their wellbeing. It does this by reducing the burden of ‘busy work’ by helping automate any manual workflow and making existing teams more efficient, effective, and engaged. Tines does this by making it easy for non-technical employees to automate, with anyone able to learn to use the platform in approximately 3 hours.
Existing customers automating their security operations with Tines include some of the largest enterprises such as Box, Canva, OpenTable and Sophos. With the fresh funds raised, the company intends to double their team to support product growth in the coming months. Expansion of their team in the US will involve establishing a hub in Boston as they actively recruit world-class talent across multiple areas such as engineering, customer success and sales.
Emphasizing the need for organisations to implement no code solutions, Founder Eoin Hinchy said: “If software is eating the world, automation is eating the enterprise. Yet, the majority of progress in this space still requires non-technical teams to depend on software engineers to implement their automation. Other platforms are generally either too hard to use, not flexible enough or not sufficiently robust for mission-critical workflows like cybersecurity. Tines empowers enterprise teams to automate any of their own manual workloads independently, making their jobs more rewarding while simultaneously delivering enormous value for their organizations”.
It’s said that around 83% of security teams are already overwhelmed by the volume of alerts they receive on a daily basis, with false positives taking up large amounts of time. Tines eliminates the need for high level engineers to waste resources on these issues, and its no-code automation software simplifies implementation, lowering the barriers to entry for non-technical employees. Tines also therefore addresses security staffing issues, where companies are finding it increasingly difficult to attract and retain staff on these teams due to repetitive, low-fulfillment workloads.
The Tines software can integrate with anything via a rest API and web application to help organisations get more from existing tools. It can also be applied to almost every business across a wide range of sectors such as financial services, technology and pharmaceuticals.