Artificial intelligence and machine learning, next generation technology and secure development
Companies Focused on AI Solutions, Growth of Large Enterprises After Series B Expansion
Michael Novinson (michael novinson) •
April 24, 2024
A workflow platform led by DocuSign, eBay, and Deloitte veterans has raised $50 million to pursue market expansion and address shortcomings in existing AI technology.
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The Series B extension funding will allow Dublin, Ireland-based Tines to deploy more resources into the large enterprise market and accelerate the adoption of workflow technology outside of security operations centers, said co-founder and co-founder Tines. CEO Eoin Hinchey said. This funding will address his AI adoption barriers related to security and privacy, driving stronger governance, robust audit logging, and improved scalability.
“I truly believe that AI and artificial AI is the biggest seismic shift we’ve seen in the technology world in the last 10 years,” Hinchey told Information Security Media Group. “This is incredibly exciting. This is going to change the way most companies and products operate. But why aren’t there more adoptions of this technology across the enterprise?”
The latest funding comes three years after Tynes completed a $26 million Series B round led by Addition and an initial $55 million Series B led by Felicis, in which the company led its most recent extension round alongside Accel. This took place 18 months after completing the extension. Founded in 2018, Tines has 252 employees and is led by Hinchy, who has spent a combined 10 years at DocuSign, eBay and Deloitte since its inception.
“We’ll be able to grow our team,” Hinchey said. “So we can grow our team to serve these large enterprises, and we’ll also continue to invest in enterprise-style capabilities.”
Moving beyond the security operations center
The $50 million should help Tynes achieve its goals over the next 12 to 18 months and provide flexibility to pursue unforeseen opportunities, Hinchey said. Re-extending Tines’ Series B, rather than opting for a new round, would reduce the administrative burden associated with raising capital and allow the company to use the same governance structure and documentation to speed up the process. I can.
Tynes is growing revenues far faster than costs, Hinchey said, with sales up 200% over the past 18 months, even though the number of employees has only increased by 30%. He saw the potential to differentiate his AI capabilities at Tines from less impressive alternatives by creating AI products and services that are secure, user-friendly, and easily integrated into existing workflows. I am.
“We took a completely different approach, starting with the customer problem and building the technology,” Hinchey said. “We plan to release and increase our investment in the AI capabilities of this product over the next few years.”
With the new funding, Tynes will expand the company’s impact and leverage artificial intelligence to drive widespread adoption across the organization’s various functions and reach beyond the security operations center. That’s the plan, Hinchey said. Hinchey said the Series B enhancements will help Tines simplify the user experience with his AI and address security and privacy concerns more comprehensively.
“This is the same technology applied to different classes of workloads,” he said. “For security operations teams, it’s things like phishing emails, security alerts, cloud compliance, etc. For IT teams, it’s software management, identity and access management, employee onboarding and offboarding. technology and platform, and our customers are exactly the same.”
Meeting the needs of large companies
The funding will also help Tines scale its operations to better serve large enterprise customers, including investing in expanding its team and developing enterprise-specific capabilities, Hinchey said. Tines is competing against traditional incumbents such as ServiceNow and Microsoft to meet the security and governance needs of all types of customers, from startups to Fortune 10 companies primarily based in the United States, he said. says h3 (see: How generative AI can help strengthen a client’s attack surface)
“What sets us apart from larger companies is the governance and security measures required for critical workflows,” Hinchey said. “With more stakeholders, you need features like robust audit logging, change management, exception monitoring, and credential management. All of these traditional enterprise-style features are more urgently needed in these large enterprises. It has been with.”
From a metrics perspective, Hinchey said Tines closely tracks user numbers and production workflows, and expects the company to maintain or accelerate its current growth rate due to new opportunities presented by AI technology. said. Providing AI products and services that are safe and easy to use will make it easier for CISOs under pressure to safely adopt and integrate new technologies, Hinchey said.
“By design, this product is designed to scale and evolve quickly,” he said. “Since the last round, we have increased the number of automation actions we perform. This is a good indicator of how much automation we are performing on behalf of our customers.”