The new injection of capital will be invested in developing products that go beyond Tines’ core offering and opening an office in Boston.
Tines, a Dublin-based cybersecurity start-up, has raised $26m in a new round of funding that values the company at $300m.
The Series B round was led by Addition, the firm set up last year by VC veteran Lee Fixel, with participation from cybersecurity giant CrowdStrike, through its Falcon Fund, and Silicon Valley CISO Investments. Previous backers Accel and Blossom Capital also invested.
Tines develops tech for automating mundane security-related tasks that normally eat up time and resources for analysts and engineers, allowing for greater focus on more critical tasks. Around 83pc of cybersecurity professionals say they are overwhelmed with the number of alerts they get every day.
The start-up’s platform has been designed for use by non-technical employees with click-and-drag functions. Its customers include Box and OpenTable.
Tines was founded in 2018 by Eoin Hinchy and Thomas Kinsella, who both previously worked in security roles at eBay and DocuSign.
“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,” Hinchy, who is chief executive of the start-up, said.
“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 organisations.”.
Tines plans to invest the new funds in products that go beyond security automation. The 18-person company also intends to double its workforce and open an office in Boston.
Lee Fixel, founder of lead investor Addition, said that Tines has “quickly established itself as a market leader in enterprise automation” in the short time since its launch.
In 2019, Tines raised $15.1m in a Series A round across two tranches. Its total funding now stands at $41.1m.