Cognition Raises More Than $2 Billion at $48 Billion Valuation
Cognition, the AI startup behind autonomous coding agent Devin, has raised more than $2 billion in a Series E funding round that values the company at $48 billion. The latest investment nearly doubles Cognition’s $26 billion valuation from May, when it raised $1 billion, as demand for AI-powered software development continues to attract major investors.
The new round was led by Andreessen Horowitz and Accel, with existing investors including Founders Fund, General Catalyst and Avenir also participating. More than 30 other investors joined the round, including Benchmark, Bessemer Venture Partners, Kleiner Perkins, Greylock, Lightspeed, T. Rowe Price and Nvidia.
Devin Pushes Further Into Software Engineering
Cognition launched Devin as an AI software engineer designed to work from high-level requirements rather than requiring developers to specify every coding step. The agent can plan tasks, write and test code, investigate bugs, make changes and work toward deployment inside a controlled environment.
The company has been expanding Devin beyond conventional code generation. Its newer tools include Auto-Triage for investigating production incidents, Security Swarm for finding and triaging vulnerabilities, and Automations that can initiate engineering work based on events in services such as Slack, GitHub and Linear. Cognition says the goal is to let human engineers concentrate more on architecture, priorities and oversight while AI agents handle more of the execution.
Revenue Nearly Doubles Since May
Cognition's financial growth has accelerated alongside its valuation. The company said its run-rate revenue has increased from $492 million at the time of its May funding round to nearly $900 million now. Run-rate revenue is an annualised measure based on recent performance rather than audited annual revenue, so the figure should not be treated as equivalent to reported yearly sales.
The company says Devin is being used by major organisations across several industries, including Nvidia for chip design, GE Aerospace for aviation work, Citi in financial services, Mercedes-Benz in automotive engineering and Modal for AI infrastructure. Goldman Sachs is also among the customers named in recent reporting.
Cognition Expands Its AI Agent Business
Cognition was founded in 2024 by Scott Wu and has positioned itself as an independent AI agent company rather than one tied to a single underlying model provider. The company says it can combine different models, including its own, depending on the task an agent needs to perform.
Its expansion has also extended beyond Devin. Cognition acquired AI coding startup Windsurf in 2025, giving it another major product in the increasingly competitive AI-assisted software development market. The company has also expanded its international presence, opening offices in Washington, D.C., Tokyo, Singapore, London, São Paulo and Madrid alongside its existing US locations.
AI Coding Startups Attract Huge Capital
Cognition’s latest round comes as AI coding companies command some of the largest private-market valuations in the software industry. Investors are betting that coding agents can move beyond assisting developers with individual tasks and eventually handle substantial portions of software development workflows.
The scale of Cognition’s funding also reflects the infrastructure costs involved in running sophisticated coding agents. The company needs significant computing resources to train and operate its systems, while customers increasingly expect agents to work across large codebases and connected development tools. Cognition’s ability to convert rising adoption into sustainable revenue will therefore remain an important measure of whether its current valuation can be justified.
For now, the company has moved rapidly from a $26 billion valuation in May to $48 billion just months later, alongside a near doubling in reported run-rate revenue. The latest funding gives Cognition additional capital to expand Devin, develop new autonomous engineering capabilities and compete for a larger share of the enterprise software development market.
