Tines CEO and co-founder Eoin Hinchy. Image: Conor McCabe Photography
The Irish ‘soonicorn’ has upped its valuation with fresh investment for further development.
Tines is extending its Series B funding with an additional $55m raised.
This new round was led by Felicis while existing investors Accel, Blossom Capital, Addition and Lux Capital also took part.
“We truly believe that automation is what has enabled us to grow and succeed with a leaner team and more streamlined operations,” said Tines CEO and co-founder Eoin Hinchy. “We’ve worked really hard to become a market leader, and now is not the time to slow down.”
Tines offers a no-code solution for cybersecurity automation. It was founded by Hinchy and Thomas Kinsella in 2018 and, the following year, was identified as one to watch by SiliconRepublic.com. More recently, Sifted cited Tines among the next 10 European start-ups soon to reach unicorn status.
Hinchy said that the new investment will be used to “double down” on go-to-market efforts, as well as R&D, partnerships and recruitment.
The CEO told TechCrunch that the latest funding – which brings the start-up’s total raised to $96.2m – ups the $300m valuation reached by the original Series B round announced last year.
Tines has built a team of more than 150 people across a number of locations worldwide, including its European headquarters in Dublin and its US HQ in Boston.
The company is currently hiring for a number of roles.
The funding announcement also revealed that Tom Killalea has joined Tines as an independent board member. Killalea has been an angel investor in the start-up since its early days. He is also a member of the board of Capital One, Akamai Technologies and Galway start-up Orreco, and chair of the board of MongoDB.
At the time of its original Series B announcement, 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.
This summer, SiliconRepublic.com noted a dozen automation start-ups capitalising on growth in this industry, including Tines and fellow Dublin start-up Webio.
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