Cognite in an investment round of $150M with leading global growth equity firm TCV.

Cognite, an Oslo, Norway-based SAAS developer for asset-intensive industries, announced completing a $150 million capital funding round.

The deal, valuing the company at $1.6B, was made with investors led by the American growth equity firm TCV.

As part of the transaction, Jake Reynolds, general partner at TCV with a 20-year history in venture capital and technology investing, is joining the Cognite Board of Directors.

Cognite, founded in 2016 by CEO John Markus Lervik and Geir Engdahl, develops industrial software-as-a-service used for the full-scale digital transformation of asset-intensive industries around the world.

Their key product, Cognite Data Fusion (CDF), helps with contextualized OT/IT data to drive industrial applications that increase safety, sustainability, and efficiency, and drive revenue. CDF is also a critical tool used by companies to actively participate in the energy transition through data liberation and contextualization to address transparency, accountability, and sustainability.

Cognite Data Fusion is deployed by Cognite customers worldwide including: bp, Saudi Aramco, Alfa Laval, Statnett, and Mitsubishi.

Prior to this deal, Cognite was owned by the Norwegian industrial investment company Aker, which still controls the majority equity package, post TCV deal. Aker was the initial investor backing the company at its start at the end of 2016. In 2020, the company raised series A round of $75 million backed by Accel.