Cognition AI, the creator of Devin, has secured $2 billion in a Series E funding round. The round was led by Andreessen Horowitz and Accel, with participation from Founders Fund, Founders Fund, General Catalyst, and Avenir. The investor syndicate also included Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, Bond Capital, T. Rowe Price, Lux, 8VC, DST, and Bain Capital Ventures.
In May, the company raised $1 billion at a valuation of $26 billion. Four months later, the current valuation has reached $48 billion, representing an increase of approximately 85%. According to company-reported run-rate revenue, the company's revenue grew from $492 million to nearly $900 million during this period.
Cognition emerged from stealth in March 2024 with the launch of Devin, described as the world's first AI software engineer. Unlike simple autocomplete tools, Devin is designed to plan engineering tasks, write code, and test its work with limited human intervention.
The company reports that Devin is currently being used by engineering teams at NVIDIA, GE Aerospace, Citi, Mercedes-Benz, and the AI infrastructure startup Modal.
Cognition has also acquired Windsurf, an enterprise-focused AI coding platform. This acquisition followed a $2.4 billion agreement between Google and Windsurf to license technology and hire key engineering team members.