Dublin-based Tines, a cybersecurity automation company, has secured $4.1 million in Series A funding. The investor was Blossom Capital.
Dublin, 23 October 2019: Dublin-based Tines, the cybersecurity automation company, has secured a $4.1 million Series A funding round to help it build its revolutionary security tools with the world’s leading companies. Tines has already attracted Bank of Ireland, healthcare company McKesson and Auth0 as clients and has now secured the backing of Blossom Capital.
Founded in 2018 by Eoin Hinchy, with Thomas Kinsella joining this year, the Tines platform brings decades of experience in security at some of Silicon Valley’s biggest companies together in a product that automates repetitive manual tasks, thereby freeing security analysts to focus on high priority work.
Hinchy and Kinsella worked for more than 15 years at what they call the “most attacked companies on the planet”, including eBay, DocuSign and PayPal. Based on their experience they recognised a need for a platform that security teams could use to improve their workflow and created a product that would have helped them when facing thousands of alerts and threats a day.
Hinchy says: “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 cyber security 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 increasing their efficiency and their ability to respond to incidents and attacks. ”
Cyber security threats are endemic in business and companies are building huge teams to deal with the problem. They use firewalls, antivirus systems and other tools that detect security anomalies and then create an alert. However security teams can be overwhelmed by the volume of alerts, with some receiving up to 10,000 a day.
Tines 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. The Tines 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.”
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.
About Blossom Capital
Launched by Ophelia Brown, one of Forbes’s 30 under 30 rising stars in 2016, Blossom is a new fund that connects US knowhow, expertise, networks and ambition, with Europe’s unrivalled opportunity. Blossom concentrates on early stage investments in consumer and enterprise, particularly focussing on finance, design, marketplaces, travel, developer-focused tools, infrastructure and API-first companies. Based in London, but covering the whole of Europe, Blossom is the first choice for the most ambitious European founders wanting to make it on the global stage. Find out more at http://www.blossomcap.com.