Led by Growth Equity at Goldman Sachs Alternatives with SoftBank Vision Fund 2 and Activant joining as new investors, funding to be used to accelerate AI product innovation
Tines, the leader in AI-powered workflows, announced $125 million in Series C financing, valuing the company at $1.125 billion. The round was led by Growth Equity at Goldman Sachs Alternatives with participation from new investors SoftBank Vision Fund 2 and Activant and existing investors Accel, Felicis, CrowdStrike Falcon Fund, and Addition. The financing follows a May 2024 $50M Series B extension, bringing the total capital raised by Tines to $272 million.
Tines empowers teams to build, run, and monitor their most mission-critical and sophisticated workflows. Global leaders including Coinbase, Databricks, GitLab and Mars use Tines to transform their security and IT operations, dramatically enhancing productivity and streamlining operations while mitigating risk. The number of automated actions within the Tines platform has more than tripled over the past year, exceeding one billion tasks automated every week.
“IT and security teams continue to face a deluge of manual and tedious tasks, and too often traditional automation tools further weigh them down instead of lifting them up,” said Tines CEO Eoin Hinchy. “By connecting people to the AI, data and systems they need to do their best work, the opportunity before us at Tines is to become the universal orchestrator of modern, secure workflows across the enterprise. This new round will help us realize that opportunity.”
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Tines recently launched native AI features and Workbench, a generative AI chat interface that enables users to query, gather and analyze information, take real-time action on data across applications, and determine next steps. Tines will use this round of funding to accelerate product innovation focused on helping users connect AI software and LLMs with the data and systems they need to perform tasks at optimal efficiency and effectiveness, while also facilitating privacy and compliance safeguards required to ensure enterprise-grade security.
“Generative AI is the next frontier of enterprise technology, driving significant productivity gains across multiple business functions. With a focus on building secure workflows at scale, Tines will play a critical role in providing the underlying infrastructure required to drive widespread adoption of AI across organizations” said Alexander Lippert, managing director in Growth Equity at Goldman Sachs Alternatives. “We’ve been highly impressed with the Tines management team and believe they are uniquely positioned to build a global leader in enterprise automation”
“Since its founding in 2018, Tines has demonstrated exceptional growth by staying laser-focused on delivering tangible value to customers and building solutions tailored to their evolving needs,” said Amit Lubovsky, investment director at SoftBank Investment Advisers. “We are excited to partner with the Tines team as they execute on their vision, pushing the boundaries of automation, and bringing best-in-class workflow orchestration solutions to the entire enterprise.”
Source: PRNewswire
