Tines, a leader in secure workflows, announced $50 million in a new round of funding as an extension to its Series B funding round, which was led by Accel and Felicis and participated in by Addition, CrowdStrike Falcon Fund, and SVCI, all pre-existing investors in the company. This funding round brought the total capital raised by Tines to date to $146.2 million.
This year, Tines’ Annual Recurring Revenue (ARR) grew by over 100%, an increase of over 200% since the company’s last funding round (October 2022), with a 30% increase in employee headcount. The new funding round will enable Tines to continue to help its customers, ranging from startups to the Fortune 10, enhance their workflow automation capabilities by expanding its functionality for collaborative workflows across the enterprise and adding AI enhancements for ease of use.
Organizations challenged with too much work and insufficient staff lead to employee burnout and costly human errors, which could impact a company’s reputation and the bottom line. Using Tines, teams can unlock new efficiency levels through workflow automation, orchestration, and AI. This funding round helps further Tines’ innovation roadmap, driven by customers’ feedback, to continue to make the platform easier to use and help customers realize meaningful value quickly. The near-term strategy for Tines is to continue handling the challenges of large-scale operations for global enterprises, federal government, and public sector customers.
This funding announcement builds on Tines’ recent momentum, like the launch of its Channel Partner Program, which doubled the number of partners in its ecosystem last year, the expansion of its platform’s focus to include teams throughout an organization and its recent product innovations including the release of new AI-powered features.
KEY QUOTES;
“Tines’ mission is to power the most important workflows for companies worldwide. These funds allow us to double down on areas we’ve seen much success, maintain our leadership position in security, and continue our strategy to automate complex technical workflows for multiple departments across the enterprise.”
– Eoin Hinchy, co-founder and CEO at Tines
“When we led Tines’ Series A in 2019, Eoin and Thomas had spent more than a decade as security operators, experiencing the inefficiencies and tedious manual tasks faced by teams everywhere firsthand. The Tines team is now going after the broader opportunity of powering the most important and mission critical workflows for global businesses. We believe Tines represents the future for workflow automation in security and beyond and we look forward to the journey ahead.”
– Luca Bocchio, partner at Accel
“Tines is a once-in-a generation platform that increases the efficiency of all the products it touches. The company has demonstrated phenomenal execution since we first invested in 2022, driven by intense customer love and a product that provides real value.”
– Jake Storm, partner at Felicis
