June 8, 2016436584705_1280x720

Celonis :  a start-up software company put together by three German students has grew rapidly to become one of the fastest growing tech companies in Germany without any external help. That is no longer the case as they received their first outside investments.

On Wednesday, the company, Celonis, will announce it has taken $27.5 million in venture funding in a first round led by the London arm of global investor Accel Partners and 83 North, the European-Israeli spin-out of Silicon Valley’s Benchmark Capital.

The Munich-based company turned profitable just over one year after it was formed and this year will generate “several tens of millions of euros” in revenue, said its co-founder and co-chief executive Alexander Rinke, now 27 years old.

Rinke said the outside funding and business development expertise of the venture firms now backing it can help Celonis “grow to IPO-size level.” The company plans to spend the money to hire sales staff, upgrade its technology and further global expansion, especially into the United States, he said.

Celonis sells a novel form of “big data” analytics software that allows corporate customers to improve how arcane business processes work within each organisation. It analyzes log files and other bits of data from all computer systems to map out the inner working of the organisation and to identify potential technical bottlenecks.

Source : http://www.reuters.com/article/us-tech-germany-celonis-idUSKCN0YT2RS