A software company based in Munich and New York has secured $1 billion in funding from backers including the Qatar Investment Authority in order to advance the former’s operations across companies.

Celonis was valued at approximately $13 billion, which was sought due to the growth in demand for its data analysis tools. Co-Chief Executive Officer Alex Rinke said in an interview that concerns about inflation and the complexity of supply chains were fuelling new business.

He also claimed that concerns about inflation and the complexity of supply chains were spurring new business. However, the company, which has raised $1 billion in funding last year, has doubled its sales.

Celonis was launched more than a decade ago and quickly became a leading company to develop “process mining” tools that allow businesses to identify ways to become more efficient.

The latest funding included participation from Activant Capital, Neuberger Berman, Alta Park Capital and Commonfund, as well as existing backers. 

The move comes as Qatar’s sovereign fund, the fourth largest of its kind worldwide, has been heavily invested in expanding its global portfolio.

On Wednesday, QIA confirmed it would be pumping $3 billion into Pakistan’s economy.

In June, reports said the owner of the luxury Nusr-Et steakhouse restaurant is in talks to sell a stake in the company to Qatar’s $450 billion wealth fund.

D.ream Group, which is owned by Turkish billionaire Ferit Sahenk’s Dogus Holding AS, may sell a 20% stake to the Qatar Investment Authority (QIA) for $300 million, Bloomberg reported, confirming earlier claims in Turkish media.

The price allegedly implies a $1.5 billion company valuation.