New Irish ‘unicorn’ as Tines raises €121m at valuation of €1.1bn
The funding round comes after a growth spurt in the Dublin company’s customer base
Tines, the Dublin-based software firm, has raised a $125m (€121m) Series C funding round, valuing the company at $1.125bn (€1.09bn) and bringing the total amount of financing raised to $272m (€263.4m).
The company, co-founded by CEO Eoin Hinchy and Thomas Kinsella, is co-headquartered in Dublin and Boston. Big customers for its security-focused software platform include Coinbase, Mars and Reddit.
“IT and Security teams continue to face a deluge of manual and tedious tasks, and too often traditional automation tools further weigh them down instead of lifting them up,” said Tines CEO Eoin Hinchy.
“By connecting people to the AI, data, and systems they need to do their best work, the opportunity before us at Tines is to become the universal orchestrator of modern, secure workflows across the enterprise. This new round will help us realise that opportunity.”
Tines currently has 251 employees, globally, growing its headcount by 50pc last year.
The company says that the number of automated actions within the Tines’ platform has more than tripled over the past year, exceeding one billion tasks automated every week, up from 300m per week last year.
The round was led by Growth Equity at Goldman Sachs Alternatives with participation from new investors SoftBank Vision Fund 2 and Activant and existing investors Accel, Felicis, CrowdStrike Falcon Fund, and Addition. The financing follows a May 2024 $50M Series B extension.
“Generative AI is the next frontier of enterprise technology, driving significant productivity gains across multiple business functions. With a focus on building secure workflows at scale, Tines will play a critical role in providing the underlying infrastructure required to drive widespread adoption of AI across organisations" said Alexander Lippert, managing director in Growth Equity at Goldman Sachs Alternatives.
Tines’s pitch is that IT app sprawl is getting out of control with, it claims, the average desk worker using 11 applications to complete their tasks, up from just six in 2019 before Covid. It also cites Gardner figures which claim that almost half of workers struggle to find information needed to do their jobs effectively.
Its platform helps to automate some tasks, while also helping users connect AI software and large language models (LLMs) with data and systems.
It says that it has seen a 250pc increase in monthly active users over the last 12 months.
"Since its founding in 2018, Tines has demonstrated exceptional growth by staying laser-focused on delivering tangible value to customers and building solutions tailored to their evolving needs," said Amit Lubovsky, investment director at SoftBank Investment Advisers. "We are excited to partner with the Tines team as they execute on their vision, pushing the boundaries of automation, and bringing best-in-class workflow orchestration solutions to the entire enterprise."
Reporting on:independent.ie