AI Startup Cognition Raises $2B at $48B Valuation

AI startup Cognition has secured over $2 billion in a Series E funding round, valuing the company at $48 billion. This latest investment nearly doubles the company's valuation from its previous funding round in May, when it was valued at $26 billion. The round was led by new investors Andreessen Horowitz and Accel, with participation from existing backers including Founders Fund, General Catalyst, and Avenir, as well as a broad syndicate of other investors. Cognition, founded in 2024, is the developer of Devin, an autonomous AI software engineering agent. The company reported that its runrate revenue has grown significantly, from $492 million in May to nearly $900 million, a near doubling that aligns with its increased valuation. This financial growth is attributed to the expanding adoption of Devin by global enterprises. Devin is designed to plan, write, test, and deploy code with minimal human intervention, a capability Cognition describes as the dawn of the self-driving software era. The agent has been adopted by major companies such as NASA, Goldman Sachs, Mercedes-Benz, and NVIDIA, where it is used for tasks ranging from chip design to financial services.