Cognition Raises $2 Billion at $48 Billion
Cognition has raised $2 billion in a Series E funding round, valuing the AI startup at $48 billion. The company announced the financing on September 8, 2026.
The latest round nearly doubles Cognition’s valuation from $26 billion in May. At that time, the company raised $1 billion in a previous financing round.
Moreover, Andreessen Horowitz and Accel led the new funding. Existing backers Founders Fund, General Catalyst and Avenir also participated.
The financing comes as investors continue to direct large amounts of capital toward AI companies. Meanwhile, Cognition is building a business around autonomous software engineering agents.
Devin Drives Cognition’s Rapid Growth
Cognition develops Devin, an AI agent designed to handle software engineering tasks. The system can plan, write, test and deploy code with limited human intervention.
Since its May funding round, Cognition says its run-rate revenue has climbed from $492 million to almost $900 million. That represents strong growth within only a few months.
Furthermore, Cognition says companies are expanding their use of Devin across several industries. Its customers include NVIDIA, GE Aerospace, Citi, Mercedes-Benz and AI infrastructure company Modal.
The company has also expanded Devin’s capabilities. For example, Devin Auto-Triage can investigate incidents, while Security Swarm can identify and triage software vulnerabilities.
In addition, Devin Automations can trigger engineering work from events in tools such as Slack, GitHub and Linear. This lets teams connect AI agents to existing development workflows.
Cognition was founded in 2024 and focuses on autonomous software engineering. Since then, the company has positioned Devin as an AI teammate for development teams.
AI Funding Race Intensifies
The latest funding round highlights growing investor appetite for AI application companies. However, Cognition faces competition from larger AI companies developing their own coding agents.
At the same time, the company’s valuation has risen sharply within months. Cognition reached $26 billion in May and now commands a $48 billion valuation.
The company’s revenue growth has also helped support that higher valuation. Its annualized revenue increased from $492 million to nearly $900 million during the same period.
Nevertheless, building and operating advanced coding agents requires substantial computing resources. The Information reported that Cognition could face significant infrastructure costs as it expands Devin’s use.
Cognition has attracted a broad group of institutional investors in its latest round. Besides the lead investors, participants include Benchmark, Bessemer Venture Partners, Kleiner Perkins, Greylock and Lightspeed.
NVIDIA also participated in the round. As demand for agentic software continues to grow, Cognition has secured backing from a major AI infrastructure company.
For now, the new capital gives Cognition more resources to expand Devin and its underlying technology. The company is also continuing to build its presence across global markets.
The funding ultimately strengthens Cognition’s position among the most valuable private AI startups. More importantly, it shows how investors are placing increasingly large bets on AI agents that can perform complex professional work.
