It all started with a classroom project. Bastian Nominacher, Alexander Rinke, and Martin Klenk were university students working on a research task when they realized the potential of analyzing the trends and patterns presented in large data sets, otherwise known as data processes.
They scraped together the minimum capital to legally found a company in Germany, and Celonis, now a multi-million euro startup, was born in the office of Mr. Nominacher’s apartment.
The Munich-based company specializes in process mining, or the tracking of digital footprints. Celonis’ software uses big data technology to compile the data processes, created for every action a company takes from shipping to invoicing, to give managers a firm idea of how operations could be faster and more cost-effective.
It collects information from places such as transaction logs and work management systems for analysis using a data mining algorithm.