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- Cognite
Cognite Acquisition, Valuation, Funding & Investors
Cognite was acquired by Schneider Electric for $3.1B in June 2026, a 18.2x multiple on $170M of revenue.
Cognite revenue at acquisition
$170M
Last twelve months · Jun 2026
Cognite revenue multiple at acquisition
18.2x
EV/Revenue · Jun 2026
Cumulative funding Cognite raised
$225M
across 3 funding rounds
About Cognite
Cognite is a Norway-headquartered industrial AI SaaS company delivering Cognite Data Fusion, a platform contextualizing operational and IT data for heavy-asset sectors worldwide. Founded in 2017, it employs over 400 professionals including developers, data scientists, and industry experts across offices in Norway, the United States, and Japan, driving safety, sustainability, and efficiency gains.
Founded
2016
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$170M (May 2021)
Valuation
$1.5B (Feb 2022)
Cognite Acquisition
Cognite was acquired by Schneider Electric for $3.1B on 29 June 2026.
The acquisition price implies a 18.2x revenue multiple on $170M of revenue.
Before the acquisition Cognite had raised $225M across 3 funding rounds.
Schneider Electric acquired 100% of Cognite Holding B.V. in an all-cash transaction valued at $3.1 billion, announced on June 30, 2026, with completion expected in the coming quarters following regulatory approvals. The acquisition cost represents 18.2 times Cognite's 2025 annual revenue of over $170 million, which grew 36% in ARR bookings alongside rapid adoption of the Atlas AI platform. Cognite will be integrated with AVEVA and consolidated within Schneider Electric's Industrial Automation business to strengthen its leadership in industrial AI and enhance software capabilities. Founded in 2017 and headquartered in Tempe, Arizona, Cognite employs over 800 people globally and serves major customers including ADNOC, Aker BP, and TotalEnergies with its Agentic AI Data Platform for factory floor operations. Schneider Electric acquired Cognite's share capital from Norway's Aker ASA and other investors, gaining a strategic growth lever as manufacturers deepen automation and AI adoption.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 29 Jun 2026 | Strategic M&A | $3.1B | 18.2x |
Cognite Valuation
Cognite is currently valued at $1.5B, based on its secondary sale in February 2022.
The $113M round was led by Aramco.
Cognite's valuation has grown 2.7x from $550M at its Series A in October 2020 to $1.5B in February 2022, across 3 priced rounds.
Cognite valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2022 | Secondary | $1.5B | - |
| May 2021 | Series B | $1.6B | 9.4x |
| Oct 2020 | Series A | $550M | 5.5x |
Cognite Revenue
Cognite's latest recorded revenue is $170M, as of its Series B in May 2021. At a $1.6B valuation, that implies a 9.4x revenue multiple.
Revenue grew from $100M in October 2020 to $170M in May 2021, while the revenue multiple moved from 5.5x to 9.4x.
Cognite revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2021 | $170M | $1.6B | 9.4x | Series B |
| Oct 2020 | $100M | $550M | 5.5x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Cognite Funding History
Cognite has raised a total of $225M across 3 funding rounds, plus 1 secondary share sale.
Cognite's first fundraising round was a $200K pre-seed round in June 2020. The most recent completed round was a $150M Series B in May 2021.
Cognite funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2022 | Secondary | Aramco (lead) | $113M | $1.5B | Cognite is a Norwegian industrial software company providing a data platform that connects and analyzes large datasets to improve operations and safety in sectors like oil and gas. Saudi Aramco acquired a 7.4% stake from Aker BP in February 2022, valuing Cognite at just over $1.5 billion. This secondary transaction involved Aramco Overseas Company B.V. purchasing 100% of Aker BP's shares in Cognite. The deal underscores Aramco's confidence in Cognite's technology, which it uses as a digitalization partner for operational efficiency. Cognite had previously raised $225 million from investors TCV and Accel. Aramco and Cognite later launched a joint venture CNTXT in Saudi Arabia to advance industrial digitalization in the MENA region. |
| May 2021 | Series B | TCV (lead) | $150M | $1.6B | Cognite is an Oslo-headquartered industrial software company that provides a data operations and contextualization platform called Cognite Data Fusion (CDF). The platform makes industrial data more accessible and meaningful to humans and machines, enabling clients to create value through artificial intelligence-based applications and solutions. Founded in 2017, the company serves asset-intensive industries including energy, manufacturing, and utilities, with notable customers including BP, Saudi Aramco, Mitsubishi Heavy Industries, and Alfa Laval. In May 2021, Cognite raised $150 million from TCV, a leading global growth equity firm, in a Series A funding round that valued the company at $1.6 billion, achieving unicorn status. This investment was one of the largest funding rounds for a SaaS company in Europe at the time. TCV brought strategic value beyond capital, providing expertise in international expansion and complementing earlier funding from Accel ($75 million in October 2020). By the time of this round, Cognite had grown to 500 employees globally and had achieved significant traction, with threefold growth reported since November 2020. The funding was driven by accelerating demand for digitalization across industrial sectors, particularly following the COVID-19 pandemic, and positioned Cognite to expand its offerings and geographic reach. |
| Oct 2020 | Series A | Accel (lead) | $75M | $550M | Cognite, an Oslo-based SaaS developer founded in 2016 by John Markus Lervik and Geir Engdahl, provides industrial software for asset-intensive industries, with its key product Cognite Data Fusion (CDF) enabling contextualized OT/IT data to drive applications that enhance safety, sustainability, efficiency, and revenue. The company closed a $75 million Series A funding round on approximately October 27, 2020, led by Accel, which valued Cognite at $550 million post-money. Accel gained a board seat as part of the deal, and proceeds were allocated for product development and operational expansion across offices in Oslo, Houston, Austin, and Tokyo. Prior to this round, Cognite was majority-owned by Norwegian industrial investor Aker, holding about 65% of shares since the company's inception at the end of 2016. At the time, Cognite employed 450 people and served around 30 energy and shipping customers, including OMV, Wintershall DEW, Aker BP, and Lundin Petroleum. The Series A marked a significant milestone, transitioning from Aker's backing to global VC involvement with Accel. This round preceded further growth, including a $150 million investment from TCV in May 2021 that elevated valuation to $1.6 billion, achieving unicorn status and highlighting Cognite's rapid threefold valuation increase since November 2020, driven by partnerships like Microsoft and rising demand for industrial digitalization. Cognite continued expanding globally, focusing on data ops platforms for sectors like energy with clients including BP, Mitsubishi, and Saudi Aramco. |
| Jun 2020 | Pre-seed | Aker (lead) | $200K | - | - |
Who has invested in Cognite?
4 investors have backed Cognite across its funding rounds, including Accel, TCV, Aramco and Aker.
Lead investors include Aramco, TCV, Accel and Aker.
Cognite Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Feb 2022 | ||
| 1 | Lead | May 2021 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCognite Competitors
Cognite competitors include listed companies like Ncino and Haizhi, and private ones like Certus Core, Instinct, Liquid AI and Fal.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $3.4B | - | ||
| Private | - | - | $2.5B | - | ||
| Private | - | - | $2.4B | - | ||
| Publicly listed | $595M | $65M | $2.3B | 4.0x | ||
| Private | $200M | - | $4.5B | 22.5x | ||
| Publicly listed | $93M | ($30M) | $2.1B | 16.3x |
Cognite Public Comps
Cognite is no longer listed, but its public comps include Infleqtion, DHC Software, Shenzhen Intellifusion, Fermi, Inesa Intelligent Tech, SoundHound, CorVel, Intsig Information, Geovis and XtalPi.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $29M | ($52M) | 92.3x | 64.5x | (50.9x) | (60.0x) | |||
| $1.9B | $131M | 2.0x | 1.8x | 29.6x | - | |||
| $200M | ($3M) | 14.3x | 14.6x | (952.5x) | (1086.5x) | |||
| - | ($490M) | - | 281.8x | (7.5x) | (63.2x) | |||
| $947M | $41M | 2.9x | 3.0x | 67.3x | - | |||
| $169M | $19M | 14.6x | 11.3x | 132.5x | (35.5x) | |||
| $959M | $175M | 3.5x | - | 19.1x | - | |||
| $270M | $83M | 7.8x | 6.6x | 25.2x | 23.6x | |||
This data is available for Pro users. Sign up to see all Cognite competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Cognite
| When was Cognite founded? | Cognite was founded in 2016. |
| Where is Cognite headquartered? | Cognite is headquartered in Oslo, Norway. |
| Is Cognite publicly listed? | No, Cognite was acquired by Schneider Electric in June 2026. |
| Who acquired Cognite? | Cognite was acquired by Schneider Electric in June 2026. |
| How much was Cognite acquired for? | Cognite was acquired for $3.1B in June 2026, a 18.2x revenue multiple. |
| What is Cognite's valuation? | Cognite was last valued at $1.5B in its secondary sale in February 2022. |
| How much funding has Cognite raised? | Cognite has raised $225M across 3 funding rounds. |
| What was Cognite's last funding round? | Cognite's last funding round was a $150M Series B in May 2021, led by TCV. |
| Who are Cognite's investors? | Cognite's investors include Aramco, TCV, Aker and Accel. |
| What is Cognite's revenue? | Cognite's latest recorded revenue is $170M (May 2021). |
| What is Cognite's revenue multiple? | Cognite's latest valuation implies a 9.4x revenue multiple ($1.6B valuation on $170M of revenue). |
| Which companies are comparable to Cognite? | Companies comparable to Cognite include Certus Core, Instinct, Liquid AI, Ncino, Fal and Haizhi. |
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