Celonis today closed a $290 funding Series C round for its solution that uses artificial intelligence for data and process mining to find out how companies can be more efficient, raising the company’s valuation to $2.5 billion. Today’s news follows a $50 million funding round in June 2018 led by Accel and 83North that raised the company’s valuation to $1 billion.
Celonis is made to sit on top of existing enterprise IT systems that help run businesses from companies like SAP or Oracle or Salesforce to analyze processes and improve productivity. The service to spot efficiency gains in finance, supply chain, IT, sales, and customer service operations is currently being used by companies like Airbus, 3M, Lufthansa, L’Oréal, Siemens, and Uber.
The funding will be used to grow Celonis sales and marketing operations particularly in the U.S. The funding will also be used to expand the Celonis platform and automate more actions based on Celonis recommendations. When Celonis started, CEO Alexander Rinke told VentureBeat in a phone interview, it was primarily about delivering insights.
“Celonis would tell you here are the bottlenecks and here’s where you’re too slow and here’s where you can speed up, and we are increasingly expanding on that and building the action to improve the results into the Celonis product so that it doesn’t stop at the insight. It also gives you the action to improve things right away,” Rinke said. “Then it becomes this thing that you put on top of a process and then two months later it runs 30-40% more efficient and it’s automated because it gives you the insight and helps you to directly take the action.”
Expansion of the Celonis platform will focus on finance, supply chain, and customer service first, Rinke said.
The $290 million funding round was led by Arena Holdings with participation from a set of principal investors and entrepreneurs including Qualtrics CEO Ryan Smith, Procure founder Tooey Courtemanche.
Celonis now has near 800 employees. The company is based in Munich, Germany and New York City and has raised $370 million since launch in 2011.