Founded in 2017, Bratislava-based Minit builds process mining software that helps businesses make data-driven decisions to improve ROI. Its technology enables businesses to automatically analyse their processes, identifying specific areas and improving them, while minimising operational risks and inefficiencies. We previously featured Minit as one of 10 Slovak startups to look out for in 2019.
The startup has now raised €7 million in a Series A funding round, led by Target Global, with participation from Salesforce Ventures and existing investors, Earlybird’s Digital East Fund and OTB Ventures. The funding will facilitate further product development and expansion into new markets, including the US.
Minit highlights opportunities for continuous process improvement and makes it easy to pinpoint and understand the sources of inefficiency – such as bottlenecks, or compliance violations – and their root causes, ultimately showing how customers can boost their revenues and reduce costs.
Minit’s newest technology, called ‘Hierarchical Process Mining’, helps to maximise ROI in Robotic Process Automation projects by combining the conventional system-data view of the process with an in-depth look at what a user actually does on his computer, on a mouse and keyboard level. This gives RPA leaders far more understanding of the process, what to focus on in terms of automation, as well as how a robot should be setup.
Minit team operates all around Europe with teams in London, Eindhoven and Bratislava. The Series A funding will be used to further increase the company’s outreach, along with boosting the technology behind Minit’s software, including adding new features such as predictive analytics, simulations and Minit cloud.
”Minit’s mission is to create fully transparent operations for large enterprises based on what is really going on in their business,” said Rasto Hlavac, founder and CEO at Minit. “This funding means Minit can help even more enterprises across the globe to introduce process transparency and understanding to improve operations from the ground up. We empower people at every level, from the CEO to an office worker, to understand what is going on in the organisation, and more importantly how they can make it better. We’re lucky to have the extensive operational experience of Target Global and strategic reach of Salesforce Ventures now supporting us, and we’re excited to see our next phase of growth.”
“With a superior product that is already leading in a rapidly growing market, Minit’s potential is significant,” said Yaron Valler, general partner at Target Global. “Across every industry, businesses require the functional tools to streamline operations, and Minit’s easily integrated tool that empowers anyone in the business to visualise how they can improve their operations is impressive.”