Minit, a process mining software provider, announced a €7 million Series A led by Target Global, with participation from Salesforce Ventures, Earlybird’s Digital East Fund, and OTB Ventures.
Founded in Bratislava, the company’s technology gives enterprise customers insight into complex business processes, such as order-to-cash, procure-to-pay, customer journey or service delivery, and how to improve them. Minit helps pinpoint and understand the sources of inefficiency, be they bottlenecks or compliance violations, ultimately suggesting how users can reduce costs and increase revenue.
“Minit’s mission is to create fully transparent operations for large enterprises based on what is really going on in their business,” said Rasto Hlavac, founder and CEO.
In a $200 million market that is set to surpass $1.4 billion by 2023, Minit distinguishes itself by providing clients with a bang for their buck in under a year. The fast ROI is attributed to the flexible business model, rapid implementation, and minimal training needs.
Hlavac continued: “We empower people at every level, from the CEO to an office worker, to understand what is going on in the organization, and more importantly how they can make it better. We’re lucky to have the extensive operational experience of Target Global and strategic reach of Salesforce Ventures now supporting us, and we’re excited to see our next phase of growth.”
Yaron Valler, general partner at Target Global said: “With a superior product that is already leading in a rapidly growing market, Minit’s potential is significant. Across every industry, businesses require the functional tools to streamline operations, and Minit’s easily integrated tool that empowers anyone in the business to visualise how they can improve their operations is impressive. We’re excited to be supporting the company in its next stage of growth and global expansion.”
Currently Minit has teams in London, Eindhoven and Bratislava. The Series A will allow the company to add new product features, such as predictive analytics, simulations, and Minit cloud, and to expand into new markets, including the US.