Cybersecurity automation venture Tines has raised €54m in funding, bringing total capital raised to c.€90m.

In the latest round, effected in August, the Rathmines start-up tapped existing investor Felicis from California for $29.7m, while previous investors Blossom Capital and Lux Co-Invest Opportunities each invested $10m.

Tines was established by Eoin Hinchy (39) and Thomas Kinsella (35) in 2018.

The company develops ‘no-code’ software that enables employees to automate security workflows, and its customer base includes Fenergo, MongoDB, Coinbase, Sophos and McKesson.

Other backers include VCs Addition Two in New York, Accel in Palo Alto and Tacito in Stockholm. In April 2021, the company raised €22.2m in venture capital.

In Association with

In a blog post on the Tines website, CEO Eoin Hinchy stated: “It’s a challenging time for a lot of businesses right now and we’ve yet to see the full impact of the global economic slowdown.

“With that, we feel fortunate to be in a position to double down on our mission to help new and existing customers unlock the power of automation, and move from reactive to proactive.

“We’ve worked really hard to become a market leader, and now is not the time to slow down. 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.”

According to Hinchy, the Tines headcount is currently 150 employees working across four continents, 13 US states and 10 time zones.

The Tines product aims to reduce the time to detect suspicious activities and respond to alerts, and to assist customer to process hundreds of thousands of workflows per year and run leaner teams

Tines Security Services Ltd raised €13.8m in venture capital in 2019 and booked a loss of €2.3m in 2020.

Photo: Tines founders Eoin Hinchy (left) and Thomas Kinsella