In the latest development, Dublin-based Tines, the cybersecurity automation company, has secured a $4.1 million (€3.7 million) Series A funding round to help it build its revolutionary security tools with the world’s leading companies.
The company has already scored Bank of Ireland, healthcare company McKesson and Auth0 as clients and now Blossom Capital, as an investor.
Tines will use the funds raised to hire engineers in Dublin who can help improve the platform through R&D, as well as building the customer base with companies in the US and in Europe.
Founded by Eoin Hinchy in 2018, with Thomas Kinsella joining this year, they have worked for more than 15 years with “most attacked companies on the planet,” including eBay, DocuSign, and PayPal.
There are three big problems in security: too much work, too many alerts and not enough staff. Recent research showed that there would be 1.8 million unfilled cybersecurity jobs in Europe by 2022. Inevitably there will be breaches in this situation. But by automating repetitive work, cyber teams can re-focus on higher-impact activities dramatically increase their efficiency and their ability to respond to incidents and attacks.
The company’s automation software works through a series of steps when a threat is detected that an analyst would make. The outcomes help professionals confirm the threat level and identify which actions should be taken. One Tines customer saved 300 hours a week by using the automation product.
Tines software allows the analyst to automate their own process through a simple set of tools, which requires no ability to write code. Furthermore, the team works closely with clients to innovate and is considering expanding the platform to suit other IT or even HR and sales departments that rely on incremental steps or repeated tasks to get the job done. The software can be run in the cloud or on clients’ own servers.
Imran Ghory, partner at Blossom Capital, said:
We are delighted to be working with Tines, which is exactly the sort of company that we want to invest in. Eoin and Thomas weren’t looking for funding, but they so impressed us with the quality of the product and their ambition in going after global customers that we knew we wanted to work with them. Their company aligns with our vision to back European firms that are using technology in ways to bring innovation to the global enterprise sector.
Main image credit: Tines
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