Celonis, the market leader in AI-enhanced Process Mining and Process Excellence software, announced that it raised approximately $290 million in Series C funding, valuing the company at $2.5 billion.

Leading global enterprises including 3M, Airbus, Danaher, L’Oréal, Lufthansa, Siemens and Uber rely on Celonis to improve the efficiency of their finance, supply chain, IT, sales, and customer service functions.

Arena Holdings led the round alongside a group of strategic investors and established entrepreneurs who have successfully scaled profitable, high-growth businesses. The group includes Ryan Smith, co-founder and CEO of Qualtrics, as well as Tooey Courtemanche, founder and CEO of Procore. Smith will serve as a special advisor to the company and work closely with Celonis board member and Hybris founder, Carsten Thoma.

The Series C funding brings total investment in Celonis to approximately $370 million following the June 2016 Series A ($27.5 million) and June 2018 Series B ($50 million) led by Accel and 83North, which also participated in the latest round. The company plans to use the new capital to strengthen its U.S. and global sales and marketing efforts as well as to expand the Celonis platform.

“Process Mining is like performing an X-ray on every operational process, allowing companies to discover inefficiencies and clearly identify recommended actions to streamline processes, save money and improve customer experience,” said Alexander Rinke, co-founder and co-CEO of Celonis.

“Celonis is the clear market leader in a category with open-ended potential. It has demonstrated an enviable record of growth and value creation for its customers and partners,” said Feroz Dewan, CEO of Arena Holdings.

“Celonis helps companies capitalise on two inexorable trends that cut across geography and industry: the use of data to enable faster, better decision-making and the desire for all businesses to operate at their full potential.”

Celonis leverages customers’ multi-billion-dollar legacy IT investments by connecting seamlessly to their existing infrastructure and providing real time control and visibility on process optimisation opportunities.

“We are gratified by the endorsement from our partners and look forward to working with them as we position Celonis for long-term growth and profitability,” said Bastian Nominacher, co-founder and co-CEO of Celonis.

“Their support bolsters our efforts as we build a great and enduring company that has a measurable impact in furthering the success of our customers.”