Cognite has signed an investment round of $150 million with global growth equity firm TCV, valuing the company at $1.6 billion. The new valuation round constitutes unicorn status for Cognite.

This investment marks one of the largest funding rounds for a SaaS company in Europe and confirms industrial digitalization as a global megatrend, the company added.

TCV has a broad network and expertise in scaling technology companies, including Netflix, OSIsoft, Splunk, Airbnb and Spotify. This new partnership allows Cognite to harness TCV’s expertise in international expansion for industrial software companies and complements earlier funding by global venture capital firm Accel, as both are committed to backing category-defining businesses.

The partnership coupled with Aker, Cognite’s majority stakeholder, will accelerate the full-scale data-driven transformation of legacy industries to help make them more sustainable and profitable through digitalization and data.

As part of the transaction, Jake Reynolds, general partner at TCV with a 20-year history in venture capital and technology investing, is joining the Cognite Board of Directors.

Cognite’s Industrial Data Ops product: Cognite Data Fusion (CDF) 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.