Minit raises €7 million to fund global growth
Process mining software provider Minit has raised €7 million in a Series A funding round.
The cash raising was led by Target Global, with participation from Salesforce Ventures and existing investors, Earlybird’s Digital East Fund and OTB Ventures.
The funding will facilitate further product development and expansion into new markets, including the US.
Founded in 2017, Minit, which has an operations base in London, builds intuitive process mining software that gives its enterprise customers insight into complex processes - like order-to-cash, procure-to-pay, customer journey or service delivery – and more importantly how these can be improved.
Minit highlights opportunities for continuous process improvement and makes it easy to pinpoint and understand the sources of inefficiency - such as bottlenecks, or compliance violations - and their root causes, ultimately showing how customers can boost their revenues and reduce costs.
The company’s newest, unique technology, Hierarchical Process Mining, helps to maximise the ROI in Robotic Process Automation projects by combining the conventional system-data view of the process with an in-depth look at what a user actually does on his computer, on a mouse and keyboard level.
This gives RPA leaders far more understanding of the process, what to focus on in terms of automation, as well as how a robot should be setup.
Minit said it is one of the leading providers of process mining software globally serving dozens of Fortune 500 and 1000 customers around the world, including companies Stora Enso, Swiss-Re or BDO.
Process mining market
Process mining was identified by Gartner as one of the Top Strategic Technology Trends in 2018.
The process mining market has surpassed $200 million in value worldwide, with Research & Markets predicting it will exceed $1.4 billion by 2023.
Minit distinguishes itself by delivering a fast return on investment ROI between 6-12 months after implementation, based on its flexible business model, rapid implementation and minimal training needs.
Minit team is operating all around Europe with teams in London, Eindhoven and Bratislava.
The Series A funding will be used to further increase the company’s outreach, along with boosting the technology behind Minit’s software, including adding new features such as predictive analytics, simulations and Minit cloud.
”Minit’s mission is to create fully transparent operations for large enterprises based on what is really going on in their business”, said Rasto Hlavac, founder and CEO at Minit.
“This funding means Minit can help even more enterprises across the globe to introduce process transparency and understanding to improve operations from the ground up”.
“We empower people at every level, from the CEO to an office worker, to understand what is going on in the organisation, and more importantly how they can make it better.
“We’re lucky to have the extensive operational experience of Target Global and strategic reach of Salesforce Ventures now supporting us, and we’re excited to see our next phase of growth.”
Yaron Valler, General Partner at Target Global, said: “With a superior product that is already leading in a rapidly growing market, Minit’s potential is significant.
“Across every industry, businesses require the functional tools to streamline operations, and Minit’s easily integrated tool that empowers anyone in the business to visualise how they can improve their operations is impressive.
“We’re excited to be supporting the company in its next stage of growth and global expansion.”