Munich-based 'execution management' software maker Celonis has announced a monster $1 billion Series D round, giving it a post-money valuation north of $11 billion. The round, which was led by new backers Durable Capital Partners and T. Rowe Price Associates, follows a $290 million Series C round announced in November 2019.
In addition, the company said it has recruited Carlos Kirjner as CFO; he joins from Google, where he led finance for its flagship advertising business and key product areas.
Celonis uses software to identify how work and data through an organisation and suggests more efficient ways of getting the same work done by gradually removing frictions, otherwise known as business process mining or, to some degree, process automation.
"As companies grow, inefficiency creeps in and business execution becomes a struggle. Employees feel it, customers feel it, and it leads to significant financial losses and environmental impact," said Alex Rinke, co-CEO and co-founder of Celonis. "We are thrilled and honored that the rise of execution management is defining a new software stack that helps customers reimagine how they execute. It is the biggest shift in software since cloud computing."
Franklin Templeton, Splunk Ventures and a group of unnamed 'principal investors' joined the massive financing round, Celonis said, alongside prior backers such as Arena Holdings. The software company currently boasts more than 1,300 global employees and is headquartered between Munich and NYC.