Accel backs Cognite

Cognite, an industrial software company, has secured an undisclosed amount of Series A financing.

Cognite, an industrial software company, has secured an undisclosed amount of Series A financing. Accel led the round.

PRESS RELEASE

OSLO, Norway — Cognite, a global leader in industrial software innovation, announced today that it has signed a partnership agreement with leading global venture capital firm Accel.

Coupled with Accel’s broad network and expertise in successfully scaling software companies, the partnership enables Cognite to accelerate its global growth initiatives across industrial verticals, expand go-to-market activities and product development. As part of the agreement, Accel is gaining a seat on Cognite’s Board of Directors.

“Cognite has proven that they are a game changer in industrial software innovation,” said Matthew Weigand, Partner at Accel, “We look forward to help establishing Cognite as a global industrial software powerhouse by defining the novel software category of DataOps as they grow and scale.” DataOps is an emerging industrial software category described by industry analysts Gartner as a hub for collecting, contextualizing, and orchestrating industrial data.

Dr. John Markus Lervik, CEO and co-founder of Cognite, said, “Accel’s broad experience in scaling best-in-class software companies globally will complement the deep industrial knowledge brought in by our majority shareholder, Aker. This partnership is a confirmation and validation of Cognite’s proven technology which will redefine industrial data management and drive digital transformation of global industries.”

For more information about the partnership, watch this fireside chat featuring Øyvind Eriksen, CEO of Aker ASA and Chairman of Cognite, Weigand, and Lervik.

Why Cognite
According to Accel, the benefits of data and AI have tremendous potential in an industrial environment, but industrial companies struggle to liberate and make sense of data across disparate IT and operational (OT) data sources. The first step to unlocking this potential is a modern industrial DataOps platform, like Cognite’s flagship product, Cognite Data Fusion (CDF).

Cognite Data Fusion is currently digitalizing asset-intensive industries globally by making industrial data more accessible and meaningful to humans and machines, enabling clients to create value through AI-based applications and solutions. CDF is currently employed by Cognite customers worldwide including: BP, Saudi Aramco, Aker BP, ExxonMobil, Hess, Yokogawa, NTT Comware, Alfa Laval, Statnett, Hafslund E-CO, Scatec Solar, Hydro, and PGS.

Cognite was founded in January 2017 and has 450 employees across offices in Oslo, Norway; Houston and Austin, Texas; and Tokyo, Japan.

About Accel
Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, UiPath, and Venmo are among the companies Accel has backed over the past 35+ years. We help ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or www.twitter.com/accel.

About Cognite
Cognite is a global industrial software-as-a-service (SaaS) company supporting the full-scale digital transformation of asset-intensive industries around the world. Their key product, Cognite Data Fusion (CDF), empowers companies with contextualized OT/IT data to drive industrial applications that increase safety, sustainability, and efficiency, and drive revenue. For more, visit www.cognite.com.