Austin has gained another tech unicorn.
Cognite, a data and software company focused on digitalization across various industries, announced Wednesday it raised $150 million in new funding. Based in Norway with an office in Austin, the company has now achieved a $1.6 billion valuation.
This round was funded by TCV, and is one of the largest funding rounds for a European SaaS company, according to a news release.
“Cognite is on a strong trajectory to help transform [the] industry, and since our founding four years ago, we have managed to attract top global talent and partner with top industrial companies to accelerate modern industrial management worldwide,” John Markus Lervik, CEO and co-founder of Cognite, said in a statement. “This partnership with TCV allows us to amplify our software solutions to empower asset-intensive businesses to improve their sustainability and profitability of operations.”
The recent funding round will also allow Cognite to tap into TCV’s expertise in international expansion and accelerate the company’s growth.
Cognite’s flagship product, Cognite Data Fusion, is a data operations and contextualization platform that makes data more accessible and obtainable to humans and AI-based applications. This product is currently used by BP, Mitsubishi, Saudi Aramco.
In addition to reaching unicorn status, Cognite has grown threefold since November, according to the release. Rapid growth has been due to an increase in demand for digitalization and collaboration with Microsoft.
Cognite has 500 employees globally with 40 of them based in Austin, according to the company’s Built In profile. Cognite is actively hiring in Austin. Open positions include a data engineer, a solution architect and project managers.