Accel leads $11 mln round for Tines

Dublin-based Tines, a cybersecurity automation company, has raised $11 million in funding.

Dublin-based Tines, a cybersecurity automation company, has raised $11 million in funding. Accel led the round with participation from Index Ventures and Blossom Capital.

PRESS RELEASE

Dublin, 11th December 2019: Fresh off the back of a $4.1 million investment in October, Tines – the Dublin-based cybersecurity automation company – is announcing it has raised a further $11 million in Series A funding led by global venture capital firm Accel. Index Ventures and Blossom Capital also participated.
Founded in 2018 by Eoin Hinchy and Thomas Kinsella, Tines makes the lives of enterprise security teams easier by equipping them with the tools they need to automate repetitive, manual tasks.

The challenges security teams face today are well understood: understaffed teams, siloed tools, and piecemeal processes. As a result, the speed at which teams can respond to security alerts has come under pressure. Tines helps mitigate this by automatically gathering intelligence from disparate systems to enrich and triage alerts. Their platform is intuitive and easy-to-use, without requiring any scripting or development knowledge.

In under a year, Tines has onboarded 10 enterprise customers across a variety of industries, including Box, Auth0 and McKesson, with companies automating on average 100 thousand actions per day.

Tristan Waldear, Security Automation Manager from Box said: “Automation has been a key part of Box’s cyber threat detection and response capabilities over the last few years. We chose Tines because it complements our existing environment perfectly – its intuitive automation story concept gives our incident responders desired control of workflow design; yet its flexibility allows us to seamlessly layer it on top of what we have already built.”

The key differentiator between Tines and its competitors is in its flexibility, as Tines doesn’t rely on pre-built integrations to interact with external systems. In competitor models, teams are limited to a predefined number of integration options, primarily built by the vendor’s engineers. If customers want to do anything beyond these steps, they need to ask the vendor to develop the integration for them, or redirect their internal engineers from higher-priority tasks – neither of which is ideal in the high-paced, dynamic environment of security operations.

By comparison, Tines’ platform can be integrated with any tool that has an API, regardless of tool type. This means integration with commercial, off-the-shelf products, or existing in-house tools is quick and simple, with most security teams automating stories (workflows) within the first 24 hours. What’s more, Tines allows security analysts to automate their own unique processes and workflows through a simple set of drag-and-drop building blocks. Over time, security teams adapt and expand their automation stories making them more powerful, with some customers’ stories containing many hundred “agents”. Tines’ approach also means that it is not limited to security use cases. In fact, several of its customers are already using Tines beyond security in IT, DevOps, and HR.

The investment will be used to expedite Tines’ further expansion into the US and Europe. The company has started building up its commercial and engineering teams, including in-house research and development programs to ensure Tines remains on the leading edge of the ever-changing security landscape.
Eoin Hinchy said: “The interest we’ve had in Tines and our rate of adoption amongst the world’s leading security teams has surprised even us! Partnering with investors that have a global footprint allows us to accelerate our expansion plans across Europe and the US.”

Seth Pierrepont from Accel said: “Having spent more than a decade as security operators, Eoin and Thomas have a deep understanding of and appreciation for the pain points that security teams are facing today. We believe automation has become a ‘must-have’ tool within enterprise security operations, and Tines’ easy-to -implement and -customize approach positions it well to very quickly become a category leader.”

Shardul Shah from Index Ventures said: “We are delighted to support Eoin and Thomas. Their deep dedication to customers has enabled an outwardly simple solution to a complex set of problems. The need is consistent across every enterprise regardless of its sector, industry, location or language.”

About Tines
Tines is making the lives of enterprise security teams easier through the use of its pioneering, highly-customisable automation platform. Tines automates tasks using a simple set of building blocks, without needing any ability to write code, to help free up analysts to concentrate on the higher-impact, more complex aspects of keeping their company safe.

About Accel
Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Algolia, Avito, Celonis, Chainalysis, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, Kry, QlikTech, Rovio, Slack, Snyk, Spotify, Supercell, UiPath and WorldRemit are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.