AI Coding Startup Cognition Now Valued at $48B

The sharp ascent of AI coding startup Cognition shows no sign of slowing, with the company confirming a Series E funding round of $2 billion.The latest fundraising, revealed earlier this week, saw the company’s valuation soar to $48 billion.That constitutes a significant increase in just three-and-a-half months, with Cognition previously closing a $1 billion Series D and $26 billion valuation in May.In another sign of the escalating interest in the San Francisco-based vendor and its core product, Devin, the Series E round was led by new investors Andreessen Horowitz and Accel, alongside existing investors Founders Fund, General Catalyst and Avenir.The interest in Cognition is also reflected in its growing run-rate revenue, with the $492 million it reported in May now claimed to be near $900 million.Cognition was founded in 2024 with the aim of transforming software engineering using Devin, an autonomous agent that can execute coding tasks without supervision.Related:How Mistral’s New Funding is a Bridge to Sovereign AI“We believed engineers should operate more like architects and delegate execution to swarms of agents. Together, engineers and their Devins could dramatically expand the world’s capacity to build great software and solve hard problems,” the vendor said in a blog post.Cognition said customers now using Devin include Nvidia, GE Aerospace, financial service provider Citi, automaker Mercedes-Benz and AI infrastructure vendor Modal.New Devin features include the ability to start incident investigations, find and triage vulnerabilities and configure work from existing systems without opening chats to discuss each task, according to the vendor.Over the last year, Cognition has also become more of a global player, with offices opening in Tokyo, Singapore, Sao Paulo, Madrid and Washington D.C.The latest funding is expected to finance more new offices, with the company -- which is training Devin on open source models -- also used the funding round to pledge to remain independent and not tie customers into specific model providers.Other investors included Benchmark, Bain Capital Ventures and Kleiner Perkins.About the AuthorContributing WriterGraham Hope has worked in automotive journalism in the U.K. for 26 years, including spells as editor of leading consumer news website and weekly Auto Express and respected buying guide CarBuyer.