Tines taps $50M to expand its workflow automation beyond security teams

Automation continues to be a major theme in the enterprise underscored not least by the rise of AI as a tool to help fix some of the more routine, resource-intensive and fragmented aspects of how security and other IT functions operate. Now, on the back of revenues growing 200% in the last 18 months, it plans to use the new capital to expand its automation platform play deeper into applications in infrastructure, engineering and product.The funding co-led by existing investors Accel and Felicis is being described as an extension of the companys Series B rather than a Series C.We werent proactively trying to raise and were focused on building the business, Tines CEO and co-founder Eoin Hinchy said in an interview. Others in this round include Addition, strategic backer CrowdStrike Falcon Fund and SVCI all existing investors in Tines.It has now raised some $146.2 million in total.As we have previously described, the gap in the market that Tines is targeting comes from Hinchys and his co-founder Thomas Kinsellas direct experience. He and Kinsella (now chief customer officer) both spent around a decade working in leading roles in cybersecurity for companies like DocuSign, eBay and Deloitte, where they found major gaps in the market for tools to help better manage the large number of services they used to track data and network activity for his companies.All of that was compounded by not just the explosion of new cybersecurity techniques but also hacking risks that grew out of the rise of cloud computing and related innovations. It was just glaringly obvious that Tines was years ahead of its competitors back in 2022 and we just feel that gap has continued to widen.Luca Bocchio at Accel sees workflow as the key missing link, one that gives Tines a lot of potential to position itself further as a platform, not a service.If anything over the last few years, the growth of security needs has led to more security products and tools and that boils down to more workflow needs.