German big-data company Celonis GmbH today said it has raised a hefty $50 million, bringing its valuation to a cool $1 billion.

The company plans to use the proceeds from the Series B round to bolster its recent entry into the U.S. market, which already accounts for around half of its business.

Celonis’ product is used to analyze the data generated by enterprises in order to make their business operations more efficient. The company, which refers to its technology as “process mining,” said it provides full insights into how business processes are being executed.

The idea is to identify cost drivers and hidden weak spots, delivering these insights in real time to ensure companies don’t waste any time on root analysis. Instead, they can focus on implementing measures that increase both operational efficiency and their bottom line.

Celonis says its process mining tech can be implemented into almost any digitized process, and cites a long list of big enterprise customers as proof of that, including Siemens Ag, General Motors Company, the Minnesota Mining and Manufacturing Company, Bayer AG, Airbus SE and Vodafone Group Plc. The company reckons its business has quadrupled in the last year alone, and by 50 times in the previous four years.

Such rapid growth doesn’t come as a surprise, Holger Mueller, principal analyst and vice president of Constellation Research Inc., told SiliconANGLE. He pointed out that large enterprises have over time created extremely complex application landscapes and are struggling to keep a lid on them.

“Enter the application management vendors to help, and with the additional challenges with operating in hybrid cloud environments, company executives will welcome any help to run their existing and new, next-generation applications,” Mueller said. “Celonis has come out of the gates quickly and with marquee customers, next we will have to see how the broader platform uptake and enterprise growth will be managed.”

Previous investors Accel Partners and 83North led the latest funding round, Celonis said.

The company, which was founded back in 2011, makes the unusual claim of being profitable ever since its launch. By being profitable, it was able to hold off on its first funding round until June 2016, when it landed $27.5 million.

With one office in New York already established, Celonis is planning to expand its U.S. push with the opening of three new locations, in Boston, Miami and Raleigh, North Carolina. The company is also planning to target Latin American markets for the first time, officials said.

Image: Celonis/Facebook