Cognition has raised more than $2 billion in a Series E funding round. The creator of the AI programming agent Devin is now valued at $48 billion. In just three months, that valuation has nearly doubled.
The funding round is led by Andreessen Horowitz and Accel, alongside existing investors Founders Fund, General Catalyst, and Avenir. Other participants include Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, and Bain Capital Ventures.
In a funding round in May, Cognition was valued at $26 billion. Bloomberg reported last week that the company was looking to raise capital again, targeting approximately $1 billion at a valuation of $47 billion. The final round, at over $2 billion, is thus significantly larger.
The interest in Cognition is in line with the sharp rise in valuations of companies that use AI for software development. Investor interest reportedly increased earlier this year after it was announced that SpaceX intended to acquire competitor Cursor for $60 billion. That transaction was completed in August.
Cognition’s revenue is also growing rapidly. The company states that its run-rate revenue has risen from $492 million to nearly $900 million since May. That figure indicates how much revenue the company would generate on an annual basis if the current revenue growth rate were to continue.
Devin takes on more tasks
Cognition is developing Devin as an AI agent capable of independently performing software development tasks. The company lists Nvidia, GE Aerospace, Citi, and Mercedes-Benz, among others, as users.
Meanwhile, its capabilities are being expanded to include management and security. Auto-Triage can perform an initial analysis of incidents, while Security Swarm is designed to detect and assess vulnerabilities. With Automations, tasks can start automatically following events in platforms such as Slack, GitHub, and Linear, without a developer having to launch a separate command for each task.
Ultimately, Cognition wants AI agents to take on an increasingly larger share of the hands-on programming work. This would allow engineers to focus more on architecture, goals, and priorities. The company refers to this as “self-driving software,” in which agents not only perform individual tasks but will eventually also proactively take on work.
In doing so, Cognition has adopted an approach that avoids reliance on a single supplier of AI models. The company aims to be able to combine its own models with those from other providers, depending on the application.
In addition to developing Devin, Cognition is expanding internationally. Over the past year, the company has opened offices in Washington, D.C., Tokyo, Singapore, London, São Paulo, and Madrid, in addition to its existing locations in San Francisco, New York, and Austin.