Cognite raises $150M to digitize industrial operations

Cognite, an industrial software-as-a-service (SaaS) company, today announced it has raised $150 million in an equity funding round led by TCV at a $1.6 billion post-money valuation. Cognite says this investment marks one of the largest funding rounds for a SaaS company in Europe and will be used to expand its platform and support hiring efforts.

According to a 2020 PricewaterhouseCoopers survey, companies in manufacturing expect efficiency gains over the next five years attributable to digital transformations. McKinsey’s research with the World Economic Forum puts the value creation potential of manufacturers implementing “Industry 4.0” — the automation of traditional industrial practices — at $3.7 trillion in 2025.

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