Tines Security Service reportedly reached a $1.13 valuation after raising $125 million.
The company will use the funding — from a round led by Goldman Sachs’ growth equity unit — to “double down on R&D,” CEO Eoin Hinchy said, according to a Bloomberg report Tuesday (Feb. 11). “That’s the main thing.”
Tines is among hundreds of startups trying to tap artificial intelligence to revolutionize traditional business functions, the report said. In this case, that means developing AI software to automate tasks for things like cybersecurity.
Venture investors are eager to back such startups, which could reap the benefits of lower costs promised by cheaper AI models from the likes of China’s DeepSeek.
“DeepSeek challenges the narrative that innovation must come at an unsustainable cost,” Gokul Naidu, a consultant with SAP, said in an interview with PYMNTS last month after the AI startup began making headlines. “For businesses, this means AI could soon be accessible to small and medium enterprises, not just tech giants with deep pockets.”
Tines, which is based in Dublin and has an office in Boston, increased its yearly recurring revenues to “tens of millions of dollars,” while adding customers like Canva, Databricks and Oak Ridge National Laboratories, Hinchy said, per the report.
Tines’ new funding comes as AI is emerging as a force in enhancing business processes. Companies are relying on AI to automate not only repetitive tasks, but also more complicated processes such as compliance monitoring, fraud detection and supply chain optimization, using tactics like combining robotic process automation (RPA) with AI to streamline workflows.
“The back office has long been overlooked in conversations about innovation, but its transformation is no longer optional,” PYMNTS wrote in January. With rising uncertainty, regulatory complexities and competitive pressures, companies are seeking ways to streamline operations, improve decision making and unlock efficiencies.
The PYMNTS Intelligence report “Outlook 2025: CFOs Envision Growing Role for Generative AI in Finance” found that more than 60% of chief financial officers are using generative AI for strategic and financial tasks, with the same number of finance chiefs employing the technology to create data visualizations and reports to make complex financial data clearer and more accessible.
“Incorporating data into the money flow will provide significant improvements for businesses…,” Seamus Smith, executive vice president and group president at FIS, told PYMNTS last month.
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