DUBLIN - October 4, 2022 - (Newswire.com)
Tines, the no-code automation platform for security teams, today announced it has extended its Series B financing round with an additional close of $55 million (€55 million) led by Felicis, bringing the total Series B amount raised to $81 million. Tines has raised $96.2M to date and Aydin Senkut of Felicis will be joining the board as well as Tom Killalea, former Vice President of Technology at Amazon.com.
This extension will enable Tines to accelerate adoption by enterprises globally. Already, the company has welcomed companies including Coinbase, McKesson, Canva, Databricks, MongoDB, Sophos, Kayak, and Fenergo to the list of customers using its no-code platform to automate their repetitive manual tasks and grow their businesses.
"We are excited to be partnering with Eoin, Thomas, and the Tines team in their next phase of growth," said Aydin Senkut, Founder and Managing Partner of Felicis. "As the global economy weakens, many businesses are having to rethink their strategies and contend with fewer resources and leaner teams. Security is a key challenge that needs to be met head-on as cyberattacks continue to increase in volume and sophistication. Tines is on a mission to remove technology barriers and make SecOps teams on the frontlines more effective and efficient with smaller teams, providing an accessible on-ramp to more streamlined operations."
The new financing takes place on the same terms as the initial Series B and represents a strong markup in valuation for the Dublin-based startup co-founded by CEO Eoin Hinchy and COO Thomas Kinsella, both experienced security leaders, in 2018.
Felicis led the extension as a new Tines investor, while existing investors Accel, Blossom Capital, Addition, and Lux Capital also participated. The initial Series B close of $26 million, led by Addition, was announced in April 2021. Since then, Tines has increased its revenue by 5X and its customer base has grown by 4X. The company currently employs more than 150 employees worldwide.
"We're thrilled to be working with Felicis. Tines is tailor-made to help other companies do more with less. We've worked really hard to become a market leader, and now is not the time to slow down; we believe the need for no-code automation has never been greater," said Eoin Hinchy, Co-founder and CEO of Tines. "We'll use this investment to double down on our go-to-market efforts, research and development, and partnership alliances, and continue to ruthlessly focus on our priorities."
Tines is working to help its customers navigate the current economic slowdown, including:
- Simplifying the steps involved in automating and maintaining mission-critical workflows at speed and scale.
- Removing barriers by enabling robust, flexible, and secure connections across any technology stack.
- Drastically reducing the time to detect suspicious activities and respond to alerts that matter most.
- Increasing scaling capacity for businesses using Tines to process hundreds of thousands of workflows per year, streamline their operations, and run leaner teams.
New independent board member Tom Killalea previously served in various leadership roles at Amazon.com, Inc., and currently serves on the board of directors of MongoDB, Inc.
"Tom has been an angel investor of Tines since the beginning and has added so much value. He is an extremely experienced operator and is a terrific addition to our board," said Hinchy.
"Tines has created a flexible and robust tool with such simplicity that it's no wonder why the world's most iconic companies are customers, using the platform for everything from security to employee onboarding", said Jake Storm, Principal at Felicis. "We are delighted to partner with Eoin and Thomas as Tines becomes ubiquitous for no-code workflow automation."
Tines is no-code automation for security teams. It's the only platform that bypasses the need for programming skills, delivering powerful automation straight into the hands of front-line analysts and operators. Tines brings an impact-first approach to all teams, securely automating thousands of mission-critical workflows per day across a diverse range of customers, including Coinbase, Box, Kayak, Databricks, McKesson, and Canva. The company was founded in 2018 in Dublin, Ireland, by former security practitioners Eoin Hinchy and Thomas Kinsella.
Founded in 2006, Felicis is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. Felicis focuses on early-stage investments and currently manages over $2.1B in capital across eight funds. The firm is an early backer of more than 41 companies valued at $1B+. More than 91 of its portfolio companies have been acquired or gone public, including Adyen (IPO), Credit Karma (acq by Intuit), Cruise (acq by General Motors), Fitbit (IPO), Guardant Health (IPO), Meraki (acq by Cisco), Ring (acq by Amazon), and Shopify (IPO). The firm is based in Menlo Park, CA. Learn more at www.felicis.com.
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Original Source: Tines Raises $55 Million Through Series B Extension Led by Felicis