Cognite

Norway-based Cognite is a provider of digital twin modeling software for an entire operation through complex industrial data. With machine learning and physics simulators, companies are able to use these for predictive maintenance, production optimization, and better decision-making. 

Its main solution Cognite Data Fusion offers an open industrial digital twin by integrating IT, operational, and engineering data from sources such as ERPs, MES, and IoT platforms. The data is cleaned and contextualized into a single location and turned into insights for actionable advice, which then is used to build and automate workflows. The company claimed to be the first company to achieve DNV-RP-A204 compliance for its core product, Cognite Data Fusion. The compliance serves as a quality-assurance benchmark for digital twin solutions in the energy industry. In February 2023, the company advanced new data-modeling capabilities to accelerate (up to 10–25x) deployments of industrial digital solutions and reduce cost and complexity for users. 

Key Customers and Partnerships

The company provides its solution mainly to the oil and gas, power and utilities, and manufacturing sectors. Its key customers include Siemens and Rockwell Automation. 

In June 2022, Cognite formed a joint venture, CNTXT, with Saudi Aramco to provide its digitization services in the Middle East region for the private and public sectors. Also, in October 2022, the company partnered with industrial automation company Rockwell Automation to develop an industrial data hub for the manufacturing sector by combining Rockwell’s software, FactoryTalk, and the Cognite Data Fusion.

Furthermore, in September 2022, the company partnered with Schlumberger to integrate the Cognite Data Fusion into Schlumberger’s Enterprise Data Solution to contextualize data in an interoperable platform. 

Funding and Financials

The company raised USD 150 million in May 2021 in an equity funding round from TCV, which brought the valuation of the company to USD 1.6 billion. The new funds were allocated toward expanding its platform to global industries. 

Furthermore, in January 2022, petroleum and gas company Saudi Aramco purchased 100% of Aker BP's shares in Cognite to own a majority stake of 7.4% at a value of USD 183 million.