Cognition Secures $48 Billion Valuation as Demand for AI Coding Surges

Artificial intelligence coding startup Cognition raised over $2 billion at a $48 billion valuation in a Series E funding round, the company said in a Tuesday (Sept. 8) blog post.

This announcement came just over three months after a May 27 Series D funding round in which Cognition raised more than $1 billion and was valued at $26 billion.

PYMNTS reported at the time that Cognition would use the financing for its AI software engineer Devin, which the company said it introduced two years earlier as “the first AI software engineer.”

It was reported in August that Cognition is a key player in AI coding, which is one of the sector’s most popular areas.

Cognition said in its Tuesday blog post: “Since our last round in May, Cognition’s run-rate revenue has grown from [$492 million] to almost [$900 million]. As Devin becomes an essential part of how companies build software, customers throughout the economy are rapidly expanding their adoption.”

Devin is used by engineering teams at companies such as Nvidia, GE Aerospace, Citi, Mercedes-Benz and Modal, according to the post.

Devin is able to take more directed, yet proactive action across all surfaces. It includes Devin Auto-Triage, which takes a first pass at incident investigation; Devin Security Swarm, which finds and triages vulnerabilities; and Devin Automations, which let teams configure work to begin from events in Slack, GitHub, Linear and other systems, per the post.

“Human engineers will increasingly act as architects, setting goals and priorities while agents take on more of the work to achieve them,” Cognition said in the post.

Cognition’s Series E was co-led by new investors Andreessen Horowitz and Accel, alongside existing investors Founders Fund, General Catalyst and Avenir, according to the post.

Avenir said in a Tuesday post on X that the check it wrote to co-lead Cognition’s Series E is the largest Avenir has ever written.

“Cognition and [Cognition Co-Founder and CEO Scott Wu] saw the shift from autocomplete to autonomous agents before nearly everyone,” Avenir said in the post. “Now it has what we believe is a generational team; 14 months ahead on the shift from autocomplete to agents; the stickiest AI coding product in our enterprise survey; [and] a [$26 billion] market with a credible path to [$800 billion]. And we think code is only the first act.”

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