Cognition, the company behind the autonomous software engineering agent Devin, has raised more than $2 billion in a Series E round at a $48 billion valuation. The company disclosed the round in a September 8 blog post, and PYMNTS reported the details the following day.
Andreessen Horowitz and Accel led the round as new investors. Existing backers Founders Fund, General Catalyst and Avenir joined, alongside a syndicate that includes Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, Bond Capital, Meritech, T. Rowe Price, Lux, DST, Bain Capital Ventures and Nvidia.
The revenue behind the number
Cognition's run-rate revenue has climbed from $492 million at its previous round in May 2026 to almost $900 million, roughly a doubling in about four months. At $48 billion, the company is priced at over 50 times run-rate revenue.
The valuation itself has moved nearly as fast. Cognition raised more than $1 billion at a $25 billion pre-money valuation in late May, a round that closed at $26 billion post-money. Four months later the number is $48 billion, an 85% increase.
What Devin does and who runs it
Devin launched roughly two years ago, billed as the first AI software engineer. It plans, writes, tests and deploys code with limited human intervention. Cognition says customers include the US Army and Navy, NASA, ServiceNow, Infosys and Goldman Sachs.
Nvidia is among the syndicate investors. It also agreed to acquire Hugging Face for $12.93 billion.
A crowded, well-funded category
OpenAI is cutting off Cursor's model access on November 12 following SpaceX's acquisition of that company.
Mistral raised EUR 3 billion (~$3.5 billion) led by Samsung at a valuation above EUR 21 billion (~$24.5 billion) the same week.
Source: PYMNTS
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