Billion Dollar Unicorns: Celonis Bootstrapped First, Raised Money Later

According to a Market Research Future report, the global big data analytics market is estimated to grow at 12% CAGR to $275 billion by 2023. German data analytics startup Celnois recently joined the Billion Dollar Unicorn club after bootstrapping for several years.

Celonis’ Offerings

Munich-based Celonis was founded in 2011 by three German university students Alexander Rinke, Bastian Nominacher, and Martin Klenk. It has been set up with a goal of analyzing existing processes to help businesses make themselves more efficient. It provides enterprise-ready process mining and process discovery solutions for analyzing and visualizing business processes worldwide. It offers solutions for various functions in the organization including procurement, human resource, information technology service management, logistics, production, accounting, sales, and audit both through on-premise and cloud-based platforms.

Through its systems, businesses can identify and control inefficiencies. For instance, for the procurement function, Celonis’s solutions track the entire process from the creation of a purchase order to the payment of the invoice; identify process inefficiencies in the steps that need manual work; provide details on suppliers including lead times and discount options; and finally identify organizations within the business that resort to the most maverick buying to help control them.

More recently, Celonis has been focused on improving its cloud offerings. It recently launched the Celonis Intelligent Business Cloud that allows customers to analyze a workflow, find inefficiencies, and offer improvements. Celonis integrates data such as that obtained from Salesforce.com or SAP-like ERP solutions and integrates it with machine learning tools to drive process efficiencies. It creates a visual view of the process flow and can identify the steps that will deliver the most impact when changed. It has also introduced an app store with over 300 pre-packaged options for solutions like Salesforce and ServiceNow and processes like orders to cash. The company has managed to build quite a following including Siemens, Vodafone, KPMG, and L’Oreal, to name a few.

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Disclaimer: More investigation and analysis of Unicorn companies can be found in my latest Entrepreneur Journeys book, Billion ...

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