Tines: The Future of IT Automation is Here
Automation is revolutionizing enterprise operations, especially with the surge of AI tackling routine, resource-draining tasks in IT and security. Riding this wave, Dublin-based startup Tines has just secured $50 million in funding. Initially focused on security workflow automation, Tines has expanded its reach across the IT landscape. With revenue skyrocketing by 200% in the past 18 months, the company is set to further enhance its automation platform to support infrastructure, engineering, and product applications.
This funding, co-led by Accel and Felicis, is an extension of Tines’ Series B, not a new Series C round.
“We weren’t actively seeking investment; our investors came to us after seeing our progress,” shared CEO and co-founder Eoin Hinchy. “We wrapped up discussions in just a couple of weeks.” Although Tines is not yet profitable, this is a deliberate choice to prioritize growth.
This marks the second extension of Tines’ Series B in three years. The original round in 2021 raised $26 million, followed by a $55 million extension in October 2022. Tines’ valuation has now surged to nearly $600 million, up from $423 million during the first extension, according to sources close to the company. Other participants in this round include Addition, CrowdStrike Falcon Fund, and SVCI, all previous investors.
To date, Tines has raised approximately $146.2 million.
The market gap Tines addresses stems from the firsthand experiences of Hinchy and co-founder Thomas Kinsella. Both spent a decade in cybersecurity roles at companies like DocuSign, eBay, and Deloitte, struggling with the plethora of tools needed to manage data and network security.
The advent of cloud computing and the associated rise in cyber threats further complicated this landscape. Hinchy estimates that an average security team juggles around 77 different products, with some teams using even more.
“In 2017, we urgently needed a workflow automation tool, and nothing out there fit the bill, so we built what we needed,” Hinchy explained. Tines now handles “mission-critical workflows” such as monitoring security alerts, compliance, and related areas like employee onboarding, offboarding, and IT patch management.
“We are the plumbing between these systems,” he added.
Despite his technical background, Hinchy realized the need for a user-friendly solution. Tines’ no-code, drag-and-drop framework simplifies the creation and management of workflows, making it accessible for non-technical users.
This user-centric approach has attracted significant investor interest. While there are major competitors like Splunk, Palo Alto Networks, ServiceNow, and Microsoft, Tines’ targeted, context-aware solutions stand out.
“Customer satisfaction in security is usually very low,” noted Jake Storm, a partner at Felicis. “When we did our due diligence, the feedback for Tines was exceptionally positive. It was clear that Tines was miles ahead of its competitors in 2022, and that gap has only widened.”
Luca Bocchio at Accel sees workflow automation as the crucial missing link, enhancing Tines’ potential to evolve into a comprehensive platform rather than just a service.
“The increasing security needs have led to more tools and products, creating a greater need for effective workflows. This makes Tines increasingly relevant. With security now integral to broader IT and business operations, it naturally intersects with the entire organization,” Bocchio emphasized.
Tines is not just keeping pace with the evolving IT landscape; it’s setting the standard for the future of automation.
