Posted By Gbaf News
Posted on June 28, 2018
Exceeds Expected Growth in US and Continues Profitability;
New Capital Will Fuel US Expansion and R&D Investments
Celonis, the global market leader in process mining software, has raised $50 million in Series B funding from existing investors Accel and 83North, which values the company at $1 billion. Celonis has outpaced its growth targets since its June 2016 $27.5 million Series A funding and has been a profitable company every year since its inception.
Founded in 2011, Celonis quickly established itself as a pioneer in developing process mining technology. The company has grown 5,000% in the past four years and 300% in the past year. Since opening its office in New York in September 2016, it has quickly added blue chip customers like Merck, Lockheed Martin, ExxonMobil and Uber to its roster. The US is the fastest growing region for Celonis and will soon exceed 50% of its total revenue.
For Global 2000 companies, transforming to an intelligent enterprise has become a key strategic priority. Celonis Intelligent Business System disrupts what had previously been a manual, time-consuming and expensive consulting-driven approach to jump-start transformation initiatives. Built on its process mining technology, Celonis provides visibility into existing process flows, a detailed analysis of process metrics, and an intelligent framework for process improvements. Organisations are increasingly turning to Celonis, because they can see an immediate improvement to both their top and bottom lines.
Today’s investment will be used to accelerate hiring and expansion plans throughout the world. Celonis’ US sales force has grown 10x in the past year, with the company expanding offices to Boston, Raleigh and Miami (which will serve LATAM) and planning to openMidwest and West Coast offices in the short term.Its New York City-based US headquarters, which opened with four people 18 months ago, is expanding to new offices with a capacity of over 150 employees in autumn 2018. Celonis will also be increasing its R&D investments in product development and accelerating the product roadmap.
“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 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.”
Harry Nelis, Partner at Accel, said: “We’re excited to be doubling down on our partnership with the exceptional team at Celonis with today’s investment. From day one, we have been extremely impressed with the company Alex, Bastian and Martin have built, and the market demand for what they have created has exceeded all expectations; Celonis’ rapidly-growing roster of multinational clients speaks to the company’s global potential.”
“The fundamental change and value Celonis drives in an organisation, thrilled us,” said Laurel Bowden, Partner at 83North. “We knew the market was enormous and that customers were clearly in need of this product which could be quickly applied for quantifiable business benefits. The team will continue to focus on driving rapid growth, because the more people who know about Celonis, the more impact they can have on transforming industries.”
