Saudi Aramco buys 7.4% stake in Cognite for $118 million.

Cognite, an Oslo (Lysaker), Norway-based data analytics company announced being part of an agreement for getting Saudi Aramco as investors in the company.

Saudi Aramco, via its subsidiary Aramco Overseas Company B.V., will be purchasing 100% of Aker BP's shares in the company - a 7.4% stake at a value of $183 million.

Cognite, founded in 2016 by Aker, developed an industrial AI Software-as-a-Service (SaaS) for heavy-asset industries such as oil and energy. Their key product, Cognite Data Fusion (CDF), helps companies with contextualized OT/IT data to drive industrial applications that increase safety, sustainability, and efficiency, and drive revenue.

Cognite previously raised $150 million in a deal closed in 2021 and valuing the company at $1.6B, made with professional investors led by the American growth equity firm TCV. Other backers include Accel, which led the $75 million series A round in 2020.