Cognite secures $150 Mn from TCV to boost digitization of industries

An industrial software innovation pioneer, Cognite, has reportedly made it to the front page owing to its announcement of raising USD 150 million with support of TCV for empowering digitization of global industries.

Speculations have it that the latest investments marks one of the largest financing rounds for the company throughout Europe and confirms industrial digitalization as a global megatrend. The recent tranche of funding brings the company’s total valuation to $1.6 billion.

As per credible sources, the recent partnership of TCV and Cognite would allow the latter to harness TCV’s proficiency in international expansion of industrial software companies and further compliments previous funding by Accel.

Moreover, the alliance coupled with Aker would accentuate the full-scale data-driven transformation of heirloom industries to support them build on more sustainable and profitable journey through data and digitization.

Most importantly, as part of the alliance, Jake Reynolds, TCV’s General Partner, is likely to join the Cognite Board of Directors.

While speaking on the recent investment, Jake cited that Cognite is building on the future by reshaping the modern industrial data management, and in this case, TCV is looking forward to partnering with the Cognite management team to help them revolutionize the industry as they scale and grow.

Meanwhile, CEO and Co-Founder of Cognite, Dr. John Markus Lervik stated that the alliance with TCV would allow Cognite to amplify its software solutions in an attempt to empower asset-intensive businesses to streamline their profitability and sustainability of operations.

Lervik added that Cognite is currently demonstrating a strong trajectory to help transform the industry, and since its founding year, the firm has potentially managed to attract top global talents, alongside establishing partnership with top industrial companies to ramp up modern industrial data management globally.

On the other hand, Oyvind Eriksen, CEO and President of Aker mentioned that the firm is pleased to welcome onboard the team of TCV, given its powerful track record from scaling and building enterprise software companies worldwide.

Source Credit: https://www.businesswire.com/news/home/20210519005536/en/Cognite-Secures-150-Million-Investment-from-TCV-to-Accelerate-Digitalization-of-Global-Industries