Cognite, an industrial software as a service company that has its U.S. headquarters in Austin, announced this week that it has closed on a $150 million investment round.

That funding round values the company at $1.6 billion, earning the company’s unicorn status.

TCV, a private equity firm, led the round in Cognite, founded in 2017, which is based in Oslo, Norway. Cognite opened its North American business in 2019 and has grown to over 40 people, with more than half of our employees in Austin. 

TCV has a broad network and expertise in successfully scaling technology companies, including Netflix, OSIsoft, Splunk, Airbnb and Spotify.

“Cognite is building the future by redefining modern industrial data management,” Jake Reynolds with TCV said in a news release.

Cognite has products in data and artificial intelligence which help companies run their operations more effectively. Its customers include bp, Saudi Aramco, Alfa Laval, Statnett, and Mitsubishi.“Cognite is on a strong trajectory to help transform 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 data management worldwide,” John Markus Lervik, CEO and co-founder of Cognite, said in a news release.

Cognite continues rapid expansion with over 500 employees across offices in Europe, the United States, Asia, and the Middle East.