Europe’s newest unicorn is a process-mining startup founded by German students

Munich’s status as Germany’s second tech hub got a boost today after process-mining startup Celonis announced it had secured $50 million in venture capital to become the newest unicorn in the country. Celonis was started in 2011. The company’s goal is to help its clients optimize their business operations, by using what it calls “process mining” software to find flaws, for example, bottlenecks in supply chains, and eliminating them. Celonis has grown 300% over the last 12 months, and 5,000% over the last four years. Its clients include the world’s largest companies, such as UBS, Siemens, Bayer, Lockheed Martin, Uber, and ExxonMobil. For the first five years of its life, the three founders didn’t take any investor funding at all, as they were growing fast enough and have been profitable since 2011. Accel and 83North’s 2016 Series A investment of $27.5 million in the young firm allowed it to expand in the US. Those same investors have boosted the Celonis coffers with another $50 million on a valuation of $1 billion. It plans to use the money on research and development, expansion, and hiring more staff.

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