Cognition AI Inc. said Tuesday it raised $2 billion in a Series E financing that values the company at $48 billion. The round was led by new investors Andreessen Horowitz and Accel, with participation from existing backers Founders Fund, General Catalyst, and Avenir.
Additional participants in the financing included Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, Bond Capital, Meritech, Atreides, Valor, T. Rowe Price, Lux, 8VC, D1, 137 Ventures, DST, Positive Sum, HOF, Soma, BoxGroup, Battery, Ribbit, Swish, Stripes, Definition, Hanabi, Journey, Bain Capital Ventures, Layer Global, A Capital, Alpha Wave, Alkeon, Diffusion, and NVIDIA.
The company said its run-rate revenue has risen from $492 million to almost $900 million since its previous financing in May. Cognition AI develops autonomous software-engineering agents and sells a product called Devin. The company describes Devin as a platform used across multiple industries, with cited users including NVIDIA for chip design, GE Aerospace in aviation, Citi in financial services, Mercedes-Benz in automotive, and Modal for AI infrastructure.
Devin's capabilities listed by the company include Auto-Triage for incident investigation, Security Swarm for discovering vulnerabilities, and Automations that trigger workflows in collaboration and development tools such as Slack, GitHub, and Linear, among other systems.
Founded in 2024, Cognition AI said it has broadened its international presence over the past year. New offices were opened in Washington, D.C., Tokyo, Singapore, London, São Paulo, and Madrid, supplementing existing locations in San Francisco, New York, and Austin. The firm operates as an independent agent lab that can select and combine different AI models on behalf of customers.
The financing and the company-provided revenue figures were disclosed as part of the broader announcement of the Series E round. Information released by the company highlights its enterprise customer footprint, product feature set, investor base, and recent geographic expansion.