Start-up Celonis hit a valuation of $11 billion after raising $1 billion in a funding round, according to CNBC. The company’s value is now more than four times its 2019 level when it received funding at a $2.5 billion market cap.
Celonis’s funding round was led by T. Rowe Price Associates and Durable Capital Partners.
Major clients of Celonis include Pfizer, Dell, and L’Oréal with about 1,300 employees spread across the globe.
The startup has been credited for its pioneer technology, “process mining” which analyzes data for problem identification and solution.
Celonis also announced the appointment of former VP of finance at Google, Carlos Kirjner, as the new chief financial officer ahead of public listing.
Celonis was started as a college project by three friends in 2011 and has since expanded by triple digits every year.
