Cognition Raised Over $2 Billion at a $48 Billion Valuation

Cognition, the artificial intelligence startup behind the Devin coding assistant, has raised more than $2 billion at a $48 billion valuation including the new funding, nearly double its valuation in May, the company said Tuesday. The round shows coding agent startups are continuing to thrive despite rising competition from Anthropic and OpenAI.

Andreessen Horowitz and Accel led the Series E, joined by existing investors Founders Fund, General Catalyst and Avenir. Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed Venture Partners and Altimeter also invested, the company said.

The nearly 3-year-old startup is generating $900 million in annualized revenue, up from $492 million in May, Cognition said, confirming The Information’s reporting.

That growth is expensive, because of the specialized servers Cognition needs to develop and run its AI. Its cash burn could reach $800 million this year. Customers include Nvidia, GE Aerospace, Citi, BNY, Santander and Mercedes.