New investment from Shell Ventures, the corporate venture capital arm of Shell, and Norwegian venture and growth capital firm Idékapital takes the value of the industrial software company Kongsberg Digital to $540 million.
Established in 2016, Kongsberg Digital has built its expertise in the digitalisation of heavy asset industries with a strong focus on the energy, maritime and renewable sectors. The company said that the new investment would accelerate its future growth and development.
Kongsberg Digital’s technology has applications for carbon capture and storage, new energy ventures towards net-zero, voyage optimisation, emissions reduction, and balancing grids and complex power systems.
Its CEO, Shane McArdle commented on the new capital injection: ‘This investment from Shell Ventures and Idékapital is a fantastic testimony to Kongsberg Digital’s unwavering commitment to making heavy-asset industries operate smarter, safer, and greener.
‘This financial support strengthens our ambitions for further growth, positioning us to become a significant global player with our technology and digital solutions for heavy-asset industries. I am very much looking forward to working alongside our new investors as we continue to scale globally and drive positive change in these industries.’
Geir Håøy, CEO of KONGSBERG, added: ‘Over the past year, Kongsberg Digital has signed several important contracts, confirming the position as the frontrunner in the industry. Recently two major enterprise agreements have been signed with Shell and Chevron to provide digital twins of their global assets portfolio.
‘Today, Kongsberg Digital has gone live with assets across the globe and have more than 40,000 users of our digital solutions. Last year, in June 2022, Kongsberg Digital and MSC, the world's largest and most extensive container line, signed a contract for digitalizing MSC’s entire fleet of ~500 vessels.’
