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Investing.com -- Goldman Sachs Group (NYSE:GS) Inc.’s growth equity unit has spearheaded a $125 million funding round for Tines Security Services Ltd., a software startup, according to a Tuesday Bloomberg report. The substantial investment has boosted Tines’ valuation to $1.13 billion, a significant increase from its previous $600 million valuation last year. This surge in valuation reflects the growing investor interest in business tools powered by artificial intelligence (AI).
The funding round attracted other prominent investors, including SoftBank Group Corp.’s Vision Fund 2, investment firm Activant Capital, and Accel.
Tines, a company specializing in creating AI software that automates tasks in cybersecurity and other business operations, plans to utilize the funding to intensify its research and development efforts, according to Chief Executive Officer Eoin Hinchy.
The CEO also reported that Tines has increased its annual recurring revenue to tens of millions of dollars. The company has also expanded its client base with new customers such as Canva Inc., Databricks Inc., and Oak Ridge National Laboratory.
Hinchy expressed his aspiration to utilize Goldman Sachs’ network of advisors and Fortune 500 companies in the US and Europe. Additionally, he plans to leverage SoftBank’s connections to facilitate Tines’ entrance into the Asian market.
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