The funding round helps the company attain unicorn status at a valuation of $1.6B. Here are the top-line bullets you need to know.
Cognite, an industrial SaaS company, has raised $150M in a Series B from Technology Crossover Ventures in an equity deal.
How’s the company performing?
- Norway-based Cognite offers industrial software-as-a-service (SaaS) to support predictive data analytics in sectors like oil and gas, electricity and infrastructure, and manufacturing. It also provides in-field AI assistance and solutions to field professionals along with remote operations asset management.
- The company has a team of 500 employees with offices in Europe, the US, Asia, and the Middle East.
- Its customers include BP, Saudi Aramco, Alfa Laval, Statnett, and Mitsubishi, among others.
Why does the market matter?
- The global software-as-a-service (SaaS) market is projected to grow at a CAGR of 12.5% and reach a value of $436.9B by 2025, according to The Business Research Company.
- The use of industrial software-as-a-service is expected to witness a significant increase in investments from industries ranging from oil and gas, engineering, and pharmaceuticals, among others.