Celonis has made a big impact since it launched in 2011, raising $2.4 billion along the way. Its most recent investment, a $1 billion raise in August, was on a $13.2 billion post-money valuation, the kind of money you haven’t been seeing in 2022.
The company has primarily made its reputation by using software for process mining, figuring out how work flows through a business and finding ways to make it more efficient. Until now, it has done pretty well by documenting one process at a time.
But today at Celosphere, the company’s annual customer conference, it announced a major breakthrough in what the technology has been able to do: It introduced a new product called Process Sphere that shifts the product from a single process to more complex cross-departmental, multiple processes.
Alex Rinke, CEO and co-founder at the company, says the new approach makes the whole process mining experience much more powerful.
“We always talk about one individual process like audits, invoices or procurement, whatever the process is. We said, ‘how can we reinvent this and take it to the next level’? And that’s why we built a new processing technology, which is very revolutionary, and allows you to look at multiple processes at the same time because many times you have a lot of friction at the interface between say your sales process and your shipping process, or your shipping process and your billing process [and this allows you to see all that in a single view],” Rinke told TechCrunch.
They created a very compelling visual interface to display the various processes; it looks very much like a subway map, but instead of showing switching stations, it shows points in a process where it crosses over into a second or third process.
“We call it a subway map, and each process looks like a subway line, and you look at the subway map of your business, you can zoom in and out and just look at specific lines. And it’s a really, really powerful engine, and we put a lot of work into making it clear and simple,” he said.
He added, “It enables a lot of use cases, whether that’s in commerce, whether it’s in supply chain, whether it’s in financial operations, because you can understand what’s going on in an entire business at the intersection of multiple business processes.”
With a $13B valuation, Celonis defies current startup economics
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