Celonis announced it secured a whopping $1 billion Series D funding amidst macroeconomic uncertainty. The process mining software company is now valued at $13 billion.
Celonis is not only Germany’s most valuable process mining software private company, but also the most valuable startup in New York. The company started almost 11 years back as the Technical University of Munich’s project with the founding management including Martin Klenk, Alex Rinke, and Bastian Nominacher. Slowly, it joined the SAP Startup Focus Program, which is an accelerator for analytics startups, helping them build new applications using the SAP HANA platform.
The company secured an additional $1 billion in funding, giving it the flexibility to aggressively improve process mining, take advantage of new market opportunities and continue being the market leader. With this capital, Celonis aims to enhance product development, customer acquisition and market expansion. The Qatar Investment Authority made a significant investment, including several other participants.
Process mining is usually associated with robotic process automation (RPA), where software is implemented to automate repetitive and monotonous errands, replacing tasks performed conventionally by human workers. Process mining detects root cause issues by pulling data from applications, systems, networks and workflows.
Celonis innovative process mining technology
Celonis’ technology allows it to not only automatically identify process problems within an enterprise system but also automatically fix process problems without requiring users to touch the underlying system. That’s exactly why leading RPA vendors and major companies like IBM, StepShot, Blue Prism, ABBYY and Kryon invest in the development of process mining.
Celonis obviously benefits from its process mining technology and claims to have more than 2,500 enterprises deployed worldwide, 10,000 consultants, and 2,000 consulting and tech partners like Accenture, PWC, ServiceNow, IBM, and KPMG. Moreover, more than 100,000 practitioners graduated from its certification program.
“Since the first days of Celonis, we have built a company that is operating on sound fundamentals, immutable customer value, and the kind of resiliency that performs at the highest levels in any economic environment”, its CEO said.