Tines Security Service Ltd., an Irish business that specializes in no-code automation, has revealed that it has secured an additional $50 million in funding to improve its workflow automation platform by adding new features and enhancing artificial intelligence capabilities.
Tines, a company founded in 2018, provides a platform for creating workflows and automating procedures with the goal of empowering technical teams. Users of the platform can design workflows that can add reporters, send webhooks, receive emails, alter events, and initiate actions based on attachments.
The platform, which is scalable and available to the entire team, is different from standard security orchestration, automation, and response services. It is made to help teams work more efficiently, minimize risk, pay off tech debt, and concentrate on the most crucial tasks. Tines contends that by developing procedures to link systems and handle requests, extending access enables teams to operate more quickly, cut down on backlogs, and foster openness.
In order to guarantee the security, availability, processing, integrity, and confidentiality of client data, the company’s platform is in line with the SOC2 standard. Tines upholds SOC2 compliance and undergoes an annual audit to verify adherence to industry norms.
In September, Tines revealed plans to expand its platform, which included giving its Workflow Builder more flexibility and usefulness. The builder allows teams to create ticket management and telemetry that promotes consistency, enhances audibility, and reduces the possibility of errors, as well as single builds’ ability to communicate with numerous systems and seamlessly mix data without limitations.
Since its most recent investment round in October 2022, Tines has experienced rapid growth, with annual recurring revenue rising by over 100% and over 200%, respectively, off an unknown basis.
The extended Series B round was headed by Accel Partners LP and Felicis Ventures Management Company LLC, with participation from SVCI, Addition Capital Ltd., and CrowdStrike Falcon Fund LLC. To date, Tines has raised $145.2 million, including the additional capital.
Co-founder and CEO Eoin Hinchy stated, “With these funds, we can continue our strategy to automate complex technical workflows for multiple departments across the enterprise, maintain our leadership position in security, and double down on areas we’ve seen much success.”