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Goldman, SoftBank Back AI Startup Tines Valued at $1.13 Billion

general :: 2025-02-12 :: source - bloomberg

By Lizette Chapman

(Bloomberg) -- Goldman Sachs Group Inc.’s growth equity unit led a $125 million funding round for software startup Tines Security Services Ltd., valuing the startup at $1.13 billion — and underscoring investors’ appetite for artificial intelligence-powered business tools.


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The deal boosted Tines’ valuation by more than 80% from its previous value of $600 million last year. Other investors included SoftBank Group Corp.’s Vision Fund 2, investment firm Activant Capital and Accel.

Tines, which makes AI software to automate tasks in cybersecurity and other business operations, will use the money “to double down on R&D,” said Chief Executive Officer Eoin Hinchy. “That’s the main thing.”

The startup is one of hundreds of companies trying to harness AI to transform traditional industries and business functions. Venture investors are enthusiastic about such startups, which could benefit from potential future decreases in the cost of AI heralded by cheaper models like DeepSeek’s R1.

Tines has boosted its annual recurring revenue to “tens of millions of dollars,” Hinchy said, and has added customers including Canva Inc., Databricks Inc. and Oak Ridge National Laboratory.

The CEO said he hopes to tap Goldman Sachs’ network of advisers and Fortune 500 companies in the US and Europe and leverage SoftBank’s connections to help the company enter Asia — a move that could happen later this year.

Founded in 2018 in Dublin, with its US headquarters in Boston, Tines expects to expand its workforce to 350 this year, hiring about 100 people in mostly research, development and sales positions.

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