The new round was led by Addition and included investment from Accel and Blossom Capital, as well as strategic investment from the CrowdStrike Falcon Fund and Silicon Valley CISO Investments. The company says it has now raised a total of $41.1 million.
Tines tripled its revenue last year — even amidst a pandemic — as security teams adopted the company’s automated platform, which helps eliminate mundane and repetitive tasks for engineers and analysts without the need to write technical software or code. While the platform has proven effective for companies’ cybersecurity teams — typically overworked from receiving so many security alerts — the company is hoping to use the new money to move beyond security and push its platform into other areas like DevOps and IT.
“Because the platform is flexible, we’ve seen encouraging adoption outside of security,” founder Eoin Hinchy said.
The company anticipates growing from about 23 employees now to 60 by the end of the year, evenly split between Dublin and its U.S. hub in Boston as the company expands in the North American market, Hinchy said. About 80 percent to 90 percent of the company’s business comes from North America, he added.
Hinchy founded Tines in 2018, after spending about 15 years in cybersecurity. Overburdened by tasks such as copying data and jumping between networks, Hinchy said he started thinking about how to create an automated platform that anyone — not just software developers — could use.
The company does not release revenue figures or customer numbers, but says it helps automate thousands of workflows per day across a range of customers, including Coinbase, Box and McKesson. About 25 percent of Tines’ customers already use the platform for more than just security.
“It’s very rare to find a company so early in its journey that has clear product-market fit,” said Ophelia Brown, founder and partner at Blossom Capital.
Tines’ understanding of the challenges the customers face and the founders’ ambition made the company “one of those investments that every VC dreams of finding,” Brown added.
While Palo Alto Networks and Splunk offer automation tools, they are more security-specific than Tines’ platform, which can be used in multiple departments, Hinchy said. The company feels it could be a large company if it stayed just in security, but can disrupt the entire enterprise application and software market as it helps automate more aspects of companies’ workflow, he added.
“The market for such a tool is practically limitless as there will always be new tasks that Tines can automate,” Brown said. “With obvious public comps such as ServiceNow and soon UiPath, there is no question in our mind that Tines will one day be one of the most valuable enterprise companies in the world.”