Oct
15
2018
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Celonis brings intelligent process automation software to cloud

Celonis has been helping companies analyze and improve their internal processes using machine learning. Today the company announced it was providing that same solution as a cloud service with a few nifty improvements you won’t find on prem.

The new approach, called Celonis Intelligent Business Cloud, allows customers to analyze a workflow, find inefficiencies and offer improvements very quickly. Companies typically follow a workflow that has developed over time and very rarely think about why it developed the way it did, or how to fix it. If they do, it usually involves bringing in consultants to help. Celonis puts software and machine learning to bear on the problem.

Co-founder and CEO Alexander Rinke says that his company deals with massive volumes of data and moving all of that to the cloud makes sense. “With Intelligent Business Cloud, we will unlock that [on prem data], bring it to the cloud in a very efficient infrastructure and provide much more value on top of it,” he told TechCrunch.

The idea is to speed up the whole ingestion process, allowing a company to see the inefficiencies in their business processes very quickly. Rinke says it starts with ingesting data from sources such as Salesforce or SAP and then creating a visual view of the process flow. There may be hundreds of variants from the main process workflow, but you can see which ones would give you the most value to change, based on the number of times the variation occurs.

Screenshot: Celonis

By packaging the Celonis tools as a cloud service, they are reducing the complexity of running and managing it. They are also introducing an app store with over 300 pre-packaged options for popular products like Salesforce and ServiceNow and popular process like order to cash. This should also help get customers up and running much more quickly.

New Celonis App Store. Screenshot: Celonis

The cloud service also includes an Action Engine, which Rinke describes as a big step toward moving Celonis from being purely analytical to operational. “Action Engine focuses on changing and improving processes. It gives workers concrete info on what to do next. For example in process analysis, it would notice on time delivery isn’t great because order to cash is to slow. It helps accelerate changes in system configuration,” he explained.

Celonis Action Engine. Screenshot: Celonis

The new cloud service is available today. Celonis was founded in 2011. It has raised over $77 million. The most recent round was a $50 million Series B on a valuation over $1 billion.

Jun
26
2018
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Celonis scores $50M Series B on $1B valuation

In the age of digital transformation, it’s important to understand your business processes and find improvements quickly, but it’s not always easy to do without bringing in expensive consultants to help. Celonis, a New York City enterprise startup, created a sophisticated software solution to help solve this problem, and today it announced a $50 million Series B investment from Accel and 83North on a $1 billion valuation.

It’s not typical for an enterprise startup to have such a lofty valuation so early in its funding cycle, but Celonis is not a typical enterprise startup. It launched in 2011 in Munich with this idea of helping companies understand their processes, which they call process mining.

“Celonis is an intelligent system using logs created by IT systems such as SAP, Salesforce, Oracle and Netsuite, and automatically understands how these processes work and then recommends intelligently how they can be improved,” Celonis CEO and co-founder Alexander Rinke explained.

The software isn’t magic, but helps customers visualize each business process, and then looks at different ways of shifting how and where humans interact with the process or bringing in technology like robotics process automation (RPA) when it makes sense.

Celonis process flow. Photo: Celonis

Rinke says the software doesn’t simply find a solution and that’s the end of the story. It’s a continuous process loop of searching for ways to help customers operate more efficiently. This doesn’t have to be a big change, but often involves lots incremental ones.

“We tell them there are lots of answers. We don’t think there is one solution. All these little things don’t execute well. We point out these things. Typically we find it’s easy to implement, ” he said.

Screenshot: Celonis

It seems to be working. Customers include the likes of Exxon-Mobile, 3M, Merck, Lockheed-Martin and Uber. Rinke reports deals are often seven figures. The company has grown an astonishing 5,000 percent in the past 4 years and 300 percent in the past year alone. What’s more, it has been profitable every year since it started. (How many enterprise startups can say that?)

The company currently has 400 employees, but unlike most Series B investments, they aren’t looking at this money to grow operationally. They wanted to have the money for strategic purposes, so if the opportunity came along to make an acquisition or expand into a new market, they would be in a position to do that.

“I see the funding as a confirmation and commitment, a sign from our investors and an indicator about what we’ve built and the traction we have. But for us it’s more important, and our investors share this, what they really invested in was the future of the company,” Rinke said. He’s sees an on-going commitment to help his customers as far more important than a billion valuation.

But that doesn’t hurt either as it moves rapidly forward.

Apr
05
2017
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83North closes $250M fourth fund focused on European, Israeli startups

 European VC firm 83North (formerly Greylock IL), which since 2008 has focused on backing startups in Europe and Israel, has closed its fourth fund — taking $250M in a raise that it says was both oversubscribed and its largest to date, and bringing its total capital under management to $800M. Read More

Jun
07
2016
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Celonis takes $27.5M led by Accel, 83North to grow the market for big data process mining

Celonis founders How do big businesses optimize IT-driven processes? Often by hiring management consultants to cast an expert eye over digital traceries and deliver recommendations for improving core operations like logistics and production. But Munich-based B2B SaaS startup Celonis reckons software can do a better job of flagging up areas where there’s room for business optimization. Its… Read More

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