Cognition, the developer of the autonomous coding agent Devin, has secured $2 billion in a Series E funding round. The company's valuation has risen to $48 billion, nearly doubling from $26 billion four months prior.
The round was led by Andreessen Horowitz and Accel, with participation from Founders Fund, General Catalyst, Avenir, Benchmark, Bessemer, Kleiner Perkins, Greylock, and Nvidia. Avenir described this as their largest investment to date.
Founded in 2023 by Scott Wu, Steven Hao, and Walden Yan, Cognition's run-rate revenue has increased from $492 million in May to nearly $900 million. This growth was boosted by the acquisition of Windsurf, which integrated a competitor's enterprise client base into Devin.
The company is currently leasing its Nvidia cluster rather than owning it, which may lead to an annual cash burn of $800 million this year. To reduce reliance on OpenAI and Anthropic, Cognition is training its own models based on open-source foundations.
The AI code tools market is projected to reach $26 billion by 2s030. Cognition aims to achieve annualised revenue of $4 billion to $5 billion by the end of 2026.