Company's Annual Recurring Revenue up more than 100 percent; Achieves 200 percent growth on a 30 percent increase in headcount since last round of funding
BOSTON and DUBLIN, April 24, 2024 /PRNewswire/ -- Tines, the trusted leader in smart, secure workflows, today announced $50 million in new funding as an extension to its Series B led by Accel and Felicis with participation from Addition, CrowdStrike Falcon Fund and SVCI, all pre-existing investors in the company. This financing brings the total capital raised by Tines to date to $146.2 million.
In fiscal year 2024, Tines' Annual Recurring Revenue (ARR) grew by over 100 percent, an increase of more than 200 percent since the company's last funding round in October 2022 with a 30 percent increase in employee headcount. The new investment will enable Tines to continue to help its customers – which range from startups to the Fortune 10 – to enhance their workflow automation capabilities by expanding its functionality for collaborative workflows across the enterprise and adding AI enhancements for ease of use.
"Tines' mission is to power the most important workflows for companies worldwide," said Eoin Hinchy, co-founder and CEO at Tines. "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."
Organizations burdened by the common challenge of too much work and not enough staff risk employee burnout and costly human errors, which can impact a company's reputation and the bottom line. With Tines, teams can unlock new levels of efficiency through a combination of workflow automation, orchestration, and AI. This funding 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.
"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," said Luca Bocchio, partner at Accel. "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."
"Tines is a once-in-a generation platform that increases the efficiency of all the products it touches," said Jake Storm, partner at Felicis. "The company has demonstrated phenomenal execution since we first invested in 2022, driven by intense customer love and a product that provides real value."
The near-term strategy for Tines is to continue addressing the demands of large-scale operations for global enterprises, federal government and public sector customers. Today's announcement builds on Tines' recent momentum, such as the launch of its Channel Partner Program, which doubled the number of partners in its ecosystem in 2023, 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.
Tines is hiring across all departments, including engineering, product, operations, sales and marketing. Tines has offices in Dublin, Boston and San Francisco. More information on open positions can be found at www.tines.com/careers.
Tines will be exhibiting in Booth 4519 North at the RSA Conference being held at the Moscone Convention Center in San Francisco from May 6-9.
About Tines
Co-headquartered in Dublin and Boston, Tines offers the only workflow platform that delivers powerful automation and orchestration straight into the hands of any member of your organization. Tines brings an impact-first approach to all teams, securely running thousands of mission-critical workflows per day across a diverse range of customers, including Canva, Databricks, Elastic, Kayak, Mars, McKesson and Oak Ridge National Laboratory. The company has raised $146.2M in funding to date from investors including: Felicis, Addition, Accel, Blossom Capital and Lux Capital. To learn more about Tines, visit www.tines.com.
Media Contact:
Brianna McGarry
Bateman Agency for Tines
[email protected]
SOURCE Tines
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