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Its status upgrade comes less than a year after the start-up raised $50m in a Series B round.
Irish no-code automation start-up Tines has achieved unicorn status, reaching a valuation of more than $1bn after raising $125m in a recent funding round.
The successful Series C funding round, announced yesterday (11 February), was led by Growth Equity at Goldman Sachs Alternatives with participation from new investors SoftBank Vision Fund 2 and Activant, as well as existing investors Accel, Felicis, CrowdStrike Falcon Fund and Addition.
With the fresh capital infusion, the start-up now has a valuation of $1.125bn, having raised a total of $272m to date.
Last April, it raised $50m in an extended Series B round.
Founded in 2018 by Eoin Hinchy and Thomas Kinsella, Tines utilises artificial intelligence (AI) to automate workflows, offering its wide-ranging clientele – which includes Coinbase, Databricks and GitLab – with tools to streamline operations, enhance productivity and mitigate risk.
According to the company, the latest funding round will help Tines accelerate product innovation focused on connecting AI and large language models with the data and systems its clients require to perform tasks with higher efficiency and effectiveness.
Automated actions in the Tines platform have more than tripled over the past year, the company said, exceeding 1bn tasks automated every week.
“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 Hinchy, the company’s CEO.
“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.”
While the managing director in Growth Equity at Goldman Sachs Alternatives, Alexander Lippert said that with Tines’ focus on building workflows at scale, the start-up is bound to play a “critical role in providing the underlying infrastructure required to drive widespread adoption of AI across organisations”.
“Generative AI is the next frontier of enterprise technology, driving significant productivity gains across multiple business functions.”
Tines took the top spot on LinkedIn’s annual list of top Irish start-ups last year.
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