Munich, Germany-based company Celonis is a process mining software company. Founded in 2011, it first developed the ability to automatically X-ray process problems. Its software includes robotic process automation, no-code solutions, and other tools to bring more automated workflows to companies.
Since it was founded more than a decade ago, Celonis has consistently doubled its revenue from year to year. A 2020 report from the Everest Group technology advisory firm estimated that Celonis currently has about 60% of the process mining market and has seen 400% growth in its year-over-year customer base.
The secret to Celonis’ growth, its supporters say, lies in part with the direct link companies can draw between its software tools and productivity improvements that save millions. Most recently, the company launched its Execution Management System product that crunches data to tackle problems and automate decision making.
Now, Celonis has announced a mammoth Series D funding round, bringing in $1 billion and taking the company’s valuation to $11 billion. Durable Capital Partners LP and T. Rowe Price Associates co-led the round, with participation from new investors Franklin Templeton, Splunk Ventures, and existing investor Arena Holdings.
Notably, Celonis is the first German tech startup to be valued at over $10 billion and is now the second most valuable startup in Europe. On top of the Series D venture round, Celonis revealed it hired veteran Wall Street analyst and Google executive, Carlos Kirjner to become its Chief Financial Officer. Last month it announced the hiring of Omesh Agam as Chief Information Security Officer.
The company made a huge deal with IBM in which IBM plans on training 10,000 consultants worldwide to use Celonis tooling. That brings the power of a company the size of IBM to one that is still relatively small in comparison and that could be at least part of the reason investors were willing to pump so much capital into the company.
The company also recently purchased low-code platform Integromat. Celonis is combining its process mining tool with Integromat’s technology to create an Execution Management System for automatically discovering, prioritizing, and implementing enterprise automation.