Total amount raised
$338.2 Millions
Latest funding date
2/1/2022
Location
Cognite has successfully raised significant funding over multiple rounds, attracting notable investors such as Saudi Aramco and TCV. The company's innovative platform leverages AI to enhance industrial operations, making it a compelling investment opportunity.
Keep reading to explore the intricacies of Cognite's fundraising journey and the investors backing this transformative platform.
What Is Cognite?
Cognite, founded in 2016, is headquartered in Lysaker, Akershus, Norway. The company was established by Fredrik Anfinsen, Geir Engdahl, John Markus Lervik, and Stein Danielsen.
Specializing in industrial data and AI solutions, Cognite's flagship product, Cognite Data Fusion (CDF), helps heavy-asset industries achieve digital transformation by connecting and contextualizing operational and IT data.
With a workforce of 501-1000 employees, Cognite continues to drive innovation in industrial operations, enhancing safety, sustainability, and efficiency.
How Much Funding Has Cognite Raised?
- Series A
- Amount Raised: $75M
- Date: October 2020
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development and scaling of Cognite Data Fusion (CDF).
- Convertible Note
- Amount Raised: NOK2M
- Date: June 2020
- Lead Investors: Aker
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for ongoing projects.
- Series B
- Amount Raised: $150M
- Date: May 2021
- Lead Investors: TCV
- Valuation at Round: $1.6 billion
- Motivation Behind the Round: To expand Cognite's platform and support hiring efforts.
- Secondary Market
- Amount Raised: $113M
- Date: February 2022
- Lead Investors: Saudi Aramco
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate digital transformation initiatives and expand into new markets.
Total amount raised: $338M. Current valuation: $1.6 billion.
Key Investors
- Saudi Aramco
- Details: Saudi Aramco is a Saudi Arabian national petroleum and natural gas company. It is one of the largest companies in the world by revenue.
- Investment Focus Areas: Energy, technology, industrial sectors.
- Notable Investments: Investments in various energy and technology companies, including partnerships in AI and industrial automation.
- TCV (Technology Crossover Ventures)
- Details: TCV is a private equity and venture capital firm. Founded in 1995, TCV focuses on high-growth technology companies.
- Investment Focus Areas: Software, internet, financial technology.
- Notable Investments: Netflix, Facebook, Spotify.
- Accel
- Details: Accel is a global venture capital firm. It invests in early and growth-stage technology companies.
- Investment Focus Areas: Technology, software, internet.
- Notable Investments: Facebook, Slack, Dropbox.
- Aker
- Details: Aker is a Norwegian industrial investment company. It has a significant presence in the oil and gas sector.
- Investment Focus Areas: Industrial sectors, renewable energy, marine biotechnology.
- Notable Investments: Various industrial and technology companies.
What's Next for Cognite?
As Cognite continues to expand its DataOps and contextualization platform, the opportunities are vast. The company is poised to capitalize on the $3.7 trillion value creation potential of Industry 4.0 by 2025, driven by the increasing demand for digital transformation in asset-intensive industries. Partnerships with giants like BP, Saudi Aramco, and Microsoft further amplify its growth prospects.
Future fundraising seems promising, given the successful $150 million round led by TCV. This momentum could attract additional investments to support Cognite's ambitious expansion plans. However, challenges such as competition, data integration complexities, and ensuring data security could pose hurdles along the way.
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