Celonis, the market leader in AI-enhanced Process Mining and Process Excellence software, announced that it has just raised over €261 million in Series C funding, valuing the company at €2.25 billion. Celonis was founded in 2011 and is based in Munich. Leading global enterprises including 3M, Airbus, Danaher, L’Oréal, Lufthansa, Siemens, and Uber rely on Celonis to improve the efficiency of their finance, supply chain, IT, sales, and customer service functions.
Arena Holdings led the funding round alongside a group of principal investors and established entrepreneurs who have successfully scaled profitable, high-growth businesses. The group includes Ryan Smith, co-founder and CEO of Qualtrics, as well as Tooey Courtemanche, founder and CEO of Procore. Smith will serve as a special advisor to the company and work closely with Celonis board member and Hybris founder, Carsten Thoma.
Feroz Dewan, the CEO of Arena Holdings commented: “Celonis is the clear market leader in a category with open-ended potential. It has demonstrated an enviable record of growth and value creation for its customers and partners. Celonis helps companies capitalise on two inexorable trends that cut across geography and industry: the use of data to enable faster, better decision-making and the desire for all businesses to operate at their full potential.”
The Series C funding brings the total investment in Celonis to approximately $370 million following the June 2016 Series A ($27.5 million) and the June 2018 Series B ($50 million) led by Accel and 83North, which also participated in the latest round. The company plans to use the new capital to strengthen its U.S. and global sales and marketing efforts as well as to expand the Celonis platform.
Celonis delivers significant business value by enabling companies to discover inefficiencies across a range of operational functions, act to improve businesses processes in real time and continually monitor them to ensure optimal performance.
Alexander Rinke, co-founder and co-CEO of Celonis, stated: “We are the best in the world at Process Mining and, just as importantly, we are now leading the way in Process Excellence, which is essential to every company’s ability to stay competitive. “Process Mining performs an X-ray on every operational process, allowing companies to discover inefficiencies and clearly identify recommended actions to streamline processes, save money and improve customer experience.”
Celonis has been cash flow positive every year since it was founded in 2011 and continues to grow at a triple-digit pace.
Celonis leverages customers’ multi-billion-dollar legacy IT investments by connecting seamlessly to their existing infrastructure and providing real time control and visibility on process optimisation opportunities. Using Celonis, L’Oréal improved their order to cash efficiency rate by three times and are aiming even higher; Lufthansa increased on-time flights for eight million passengers; and Deutsche Telekom saved millions of euros improving processes in payments, purchase orders and deliveries.