Celonis Inc., a company with a software platform designed to help companies increase their operational efficiency, today announced that it has secured $1 billion in new financing.

The financing includes a $400 million equity investment and a five-year revolving credit facility worth up to $600 million. 

The $400 million investment was led by the Qatar Investment Authority and included the participation of more than a half dozen other backers including Accel and T. Rowe Price Associates. According to Celonis, the funding extends a Series D round that it closed last year. The $600 million revolving credit facility, in turn, was raised from a group of banks led by KeyBanc Capital Markets.

The company says that it’s now valued at nearly $13 million, up from $11 million last June.

Celonis, which is based in New York and Munich, provides a so-called process mining platform that helps companies find opportunities to increase operational efficiency. The platform can detect if a retailer purchases more of a given item than is necessary to meet customer demand. A delivery company, meanwhile, could use the platform to identify shipping delays.

The platform detects inefficiencies in an organization’s business operations by collecting and analyzing data from internal applications. According to the company, its platform includes more than 1,000 connectors that reduce the amount of custom code necessary to retrieve information from business applications. Celonis also has also built algorithms that automatically organize the information into a form that lends itself well to analysis.

Celonis combines the data that it extracts from a company’s applications with information on how workers interact with those applications. As part of its platform, the company offers a so-called task mining tool that maps out how workers go about common business chores such as copying records between systems. According to Celonis, the insights produced by its task mining tool enable companies to more easily identify ways of increasing operational efficiency.

In addition to information on how business processes can be improved, Celonis provides features that help companies apply that information. The platform enables companies to streamline business tasks that involve a significant amount of manual work by creating automation workflows. Additionally, built-in analytics dashboards enable executives to measure how internal efforts to increase operational efficiency affect key metrics such as revenue.

On the occasion of the newly raised financing, Celonis disclosed today that there are more than 2,500 deployments of its platform worldwide. The company counts major enterprises such as Johnson & Johnson, Dell Technologies Inc. and Cisco Systems Inc. as customers. Last June, it was reported that Celonis’ annual recurring revenue was on track to reach $400 million by the end of 2021.

With the additional $1 billion in financing on its balance sheet, Celonis plans to accelerate product development initiatives and establish more ecosystem partnerships. Additionally, the company indicated that it will use some of the capital for acquisitions. Celonis has already made two acquisitions over the past year to support its product development efforts. 

“Since the first days of Celonis, we have built a company that is operating on sound fundamentals, immutable customer value and the kind of resiliency that performs at the highest levels in any economic environment,” said Celonis co-founder and co-Chief Executive Officer Bastian Nominacher. “With an additional $1 billion in liquidity, Celonis will have maximum flexibility to aggressively innovate, capitalize on new market opportunities, and extend our market leadership.”

Image: Celonis