Cognition raises more than $2 billion at a $48 billion valuation

Cognition said it raised more than $2 billion in a Series E financing at a $48 billion valuation. The company makes the Devin AI coding agent.

The round gives Cognition more than $2 billion in new capital, just months after a May financing in which the company said it raised more than $1 billion. Cognition said its valuation has since risen from $26 billion, an increase of $22 billion, or about 85%.

The completed financing follows reports in August that Cognition was seeking a valuation of $40 billion or more.

According to Cognition, new investors Andreessen Horowitz and Accel led the Series E. Existing investors Founders Fund, General Catalyst and Avenir participated with other investors named by the company.

Cognition said its run-rate revenue climbed from $492 million at the time of the May financing to almost $900 million by the Series E announcement. The figures came from Cognition and were not independently audited in the evidence reviewed for this story.

The company also said Devin supports engineering work at NVIDIA, GE Aerospace, Citi, Mercedes-Benz and Modal. Those customer-use claims were not independently confirmed in the reviewed evidence.

Cognition did not disclose individual investment amounts, ownership or dilution, financing terms, or how it plans to use the proceeds.