Wednesday 27th June, 2018
Celonis a provider of process mining technology has raised $50 million in Series B funding from existing investors Accel and 83North, which values the company at $1 billion.
The enterprise startup lunched in Munich during 2011 with the idea of helping companies understand their processes with process mining technology. Since opening its New York office in September 2016 it has quickly added blue chip customers like Merck, Lockheed Martin, ExxonMobil and Uber to its roster. The company has grown 5,000% in the past 4 years and 300% in the past year.
Celonis will use the funding to accelerate hiring and expansion plans throughout the world. It will also be increasing its R&D investments in product development and accelerating the product roadmap.
“Celonis is an intelligent system using logs created by IT systems such as SAP, Salesforce, Oracle and Netsuite, and automatically understands how these processes work and then recommends intelligently how they can be improved,” Celonis Co-founder and Co-CEO, Alexander Rinke explained.
"With Accel and 83North, we have two seasoned partners who are experienced with building world-class technology companies," said Alexander Rinke, Co-Founder and Co-CEO of Celonis.
"Not only will this funding give us more opportunity to execute on our product roadmap and ambitious growth strategy, but it really is a testament to the great work of our passionate employees who love the opportunity to surprise and delight customers with what our product can do to make them and their organisations work better."