Enterprise automation platform Tines valued at $1.13 bln in Goldman Sachs-led funding round

Adds details on funding market in paragraphs 2,3 and company background throughout

Feb 11 (Reuters) - AI-focused startup Tines has raised $125 million in a funding round led by Goldman Sachs Alternatives and new investors such as SoftBank Vision Fund 2, valuing the company at $1.13 billion.

Investor enthusiasm for artificial intelligence remains robust as companies scramble to incorporate AI-driven efficiencies into their operations, despite an overall muted venture capital market.

AI startups captured a record 46.4% of the total $209 billion raised in 2024, compared with less than 10% a decade earlier.

Tines, which was founded in 2018, is a "no-code" enterprise automation platform that leverages AI to help businesses operate more efficiently in their security and IT operations.

Demand for automated security programs has also risen amid growing cyber threats with application security platform Semgrep raising $100 million last week in a funding round led by Menlo Ventures.

Tines' offerings are used by companies such as cryptocurrency exchange Coinbase COIN.O, data analytics firm Databricks, software developer GitLab GTLB.O and Mars.

"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," said Tines CEO Eoin Hinchy.

"This new round will help us realize that opportunity," he added.

The latest funding round will help Tines to accelerate product innovation by combining AI with the client's data and systems to increase workflow efficiency and effectiveness.

The funding round for the firm, co-headquartered in Dublin and Boston, follows a $50 million raise in May 2024, bringing the total amount raised to $272 million.

Existing investors include Accel, Felicis, CrowdStrike Falcon Fund and Addition.