The company just raised $290 million from investors including the CEOs of Qualtrics and Procore.
It's more than doubled its valuation since its last funding round announced back in June 2018, with investors valuing the company at $1 billion at the time. The business claims to have been cash flow positive since it began operations, a rare sign of profitability from a tech unicorn.
While it's hard to pin down the size of the process mining market, a Gartner estimate in 2018 indicated that revenues related to the sector were approaching $160 million. It projected that the nascent industry could "easily triple or quadruple in size during the next two years."co-founder and co-CEO of Celonis
Celonis' latest fundraising was led by investment company Arena Holdings and backed by Qualtrics chief Ryan Smith and Procore boss Tooey Courtemanche. Existing investors Accel and 83North also contributed to the investment. The company has now raised about $370 million since it was founded in 2011.last year for $8 billion, is set to become a special advisor to the firm following the deal.
He added the company would use the fresh capital to "double down in sales and marketing" in the U.S., to "scale up and keep our operations growing." According to Rinke, who also serves as co-CEO, Celonis racked up $100 million in sales in the fiscal year ending May 2019, and he expects that figure to more than double next year.
Rinke said that 90% of business improvement initiatives still involve companies organizing workshops and putting up sticky notes on whiteboards to understand where processes are going wrong. "Our biggest competitor is also one of our biggest customers," he added, referring to
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