AI Startup Cognition Raises $2 Billion at a $48 Billion Value

Artificial intelligence coding startup Cognition AI Inc. has raised $2 billion in a new round of funding that vaulted its valuation to $48 billion.

Cognition’s round was led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Avenir, the company announced Tuesday in a blog post.

Bloomberg reported last week that the startup was set to close a fundraising round that would nearly double its $26 billion valuation from three months prior.

The startup, which makes the popular AI engineering agent Devin, has recently seen its revenue surge. The company said Tuesday that its run-rate revenue has grown from $492 million in May to almost $900 million.

Investor interest in Cognition picked up earlier this year after SpaceX announced it could acquire competitor Cursor for $60 billion, Bloomberg previously reported. That acquisition closed in August.