Process Mining startup Celonis GmbH has raised $27.5 million Series A in a round led by Accel and 83North.

Founded in 2011, Celonis offers a Process Mining big data platform that automatically analyses enterprise event data to bring end-to-end transparency and efficiency to business-critical processes.

The technology is said to provide full insight into how a company’s business processes are being executed, uncovering cost-drivers and hidden weak spots; the platform delivers these insights in real time resulting in companies no longer losing time searching for root causes instead allowing them to focus on implementing measures to increase their operational efficiency and bottom line.

Celonis’ technology can be easily implemented for any digitized processes, and is already in use by over 200 customers across 15 different industries, spanning 25 countries and include global Fortune 500 companies such as Siemens, KPMG, Deloitte, Bayer, Vodafone, as well as a wide range of medium-sized companies.

“Everything about Celonis thrilled us,” said Laurel Bowden, Partner at 83North said in a statement sent to SiliconANGLE. “Celonis offers an outstanding product that finally delivers a ‘true and holistic view’ of how organizations create value. By that it goes way beyond what traditional analytics could ever accomplish. Its benefits are clearly and quickly understood by customers and can be easily translated into business and bottom line benefits. The market is enormous. All enterprises, large and small, could use Celonis. We are just at the beginning of seeing process mining use-cases.”

Growing business

Process mining, the process management technique that allows for the analysis of business processes based on event logs using specialized data-mining algorithms to extract knowledge, is a rapidly growing business, and from all accounts Celonis is not only well placed with its product, the company itself was named Germany’s fastest-growing technology company in the Deloitte Fast50 Awards, following a four-year revenue growth of 3,951%.

Remarkably for a company with an already impressive client list, this round was the first time it had raised money, or, to put it another way, it had been bootstrapped until this point.

Celonis said it would use the funds to boost go-to-market operations, improve technology, and further global expansion.

Image credit: Celonis.