Check out the on-demand sessions from the Low-Code/No-Code Summit to learn how to successfully innovate and achieve efficiency by upskilling and scaling citizen developers. Watch now.

Munich-based Celonis announced today that it has raised $50 million in venture capital to turbocharge the growth of a company that has now become Europe’s newest unicorn.

Celonis has developed technology to analyze the data generated by companies to make their operations more efficient. It’s a technology the company has dubbed “process mining technology.”

The latest round of funding was led by Accel Partners and 83North, who had both previously invested in the company.

“With Accel and 83North, we have two seasoned partners who are experienced with building world-class technology companies,” said Alexander Rinke, cofounder and co-CEO of Celonis, in a statement. “Not only will this funding give us more opportunity to execute on our product roadmap and ambitious growth strategy, but it really is a testament to the great work of our passionate employees who love the opportunity to surprise and delight customers with what our product can do to make them and their organizations work better.”

Founded in 2011, Celonis said it has been profitable since its launch. And indeed, the company only took its first outside funding in June 2016 when it raised $27.5 million from Accel and 83North.

The company counts Siemens, GM, 3M, Bayer, Airbus, and Vodafone among its biggest customers. According to a press release, the company says it has grown 5,000 percent over the past four years, and 300 percent last year.

The company already has an office in New York, where it opened an outpost in 2016. The U.S. now accounts for about half of Celonis’ business, the company says, and it plans to use much of the latest funding to push even further into the U.S. market.

While the company plans to hire around the world, it will open U.S. offices in Boston, Raleigh, and Miami, using the latter to target Latin American markets. It is also developing plans for Midwest and West Coast offices. Meanwhile, it has moved into a New York office that has room for up to 150 employees.

VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.