Cognition has raised more than $2 billion at a $48 billion valuation, with the financing led by new investors Andreessen Horowitz and Accel alongside existing investors Founders Fund, General Catalyst and Avenir.
The financing comes as Cognition continues rapidly scaling Devin, its AI software engineering agent. Since the company’s previous financing round in May, Cognition said its run-rate revenue has increased from $492 million to nearly $900 million.
Other investors participating in the round include Benchmark, Bessemer Venture Partners, Kleiner Perkins, Greylock Partners, Lightspeed, Altimeter, Bond Capital, Meritech, Atreides Management, Valor Equity Partners, T. Rowe Price, Lux Capital, 8VC, D1 Capital Partners, 137 Ventures, DST, Positive Sum, HOF Capital, Soma Capital, BOX Group, Ribbit Capital, Swish Ventures, Stripes, Definition, Hanabi Capital, Bain Capital Ventures, Layer Global, A, Alpha Wave Global, Alkeon Capital, Diffusion and NVIDIA*.
Cognition said customer usage of Devin has grown even faster than its revenue since May, with companies expanding adoption across a wide range of industries and applications.
Examples cited by Cognition include chip design at NVIDIA, aviation at GE Aerospace, financial services at Citi, automotive at Mercedes-Benz and AI infrastructure at Modal.
Cognition is positioning Devin as part of a broader shift toward what it calls the self-driving software era, where AI agents become increasingly proactive, software systems improve themselves and computing resources are allocated automatically toward the highest-impact opportunities.
The company believes AI software agents can significantly expand the amount of software organizations are able to build by automating development work that otherwise might be delayed or remain unstaffed.
The new capital gives Cognition additional resources to expand Devin’s capabilities, increase adoption across large enterprises and support the infrastructure required to serve increasingly complex software development workloads.
