Cognition has reached a valuation of $48 billion following its latest Series E funding round. This milestone comes just over three months after a Series D round on May 27, where the company raised more than $1 billion and was valued at $26 billion.
The Series E round was co-led by new investors Andreessen Horowitz and Accel. Existing investors, including Founders Fund, General Catalyst, and Avenir, also participated. Avenir noted that its investment in this round is the largest in the firm's history.
The company reported that its run-rate revenue has increased from $492 million to nearly $900 million since May. Cognition plans to use the capital to support the development of its AI software engineer, Devin, which was introduced two years ago.
Devin is currently utilized by engineering teams at companies such as Nvidia, GE Aerospace, Citi, Mercedes-Benz, and Modal. The tool features capabilities like Devin Auto-Triage for incident investigation, Devin Security Swarm for vulnerability management, and Devin Automations for workflow integration.
