Peter Thiel-Backed AI Startup Cognition Raises Funds at $48 Billion Valuation

Artificial-intelligence coding startup Cognition raised $2 billion in a Series E funding round at a valuation of $48 billion.

The round was led by new investors Andreessen Horowitz and Accel, ⁠alongside existing backers that included Peter Thiel’s Founders Fund, General Catalyst, and Avenir, Cognition said Tuesday. Altimeter and Bain Capital Ventures were among other investors that participated in the round.

The latest round nearly doubles the company’s valuation from $26 billion in May when it raised over $1 billion.

The San Francisco-based company’s flagship product, Devin, serves as what the company describes as an “AI software engineer” capable of writing computer code autonomously.

Cognition has grown rapidly since launching Devin in 2024. The firm said its run-rate revenue has grown to almost $900 million from $492 million in May.

“As Devin becomes an essential part of how companies build software, customers throughout the economy are rapidly expanding their adoption,” Cognition said in a statement.

“Devin works with the world’s leading companies, powering engineering teams across chip design at Nvidia, aviation at GE Aerospace, financial services at Citi, automotive at Mercedes-Benz, and AI infrastructure at Modal,” it added.

Earlier this year, Cognition said it plans to expand its business across Asia-Pacific, including Australia, New Zealand, India and South Korea.

Write to Kimberley Kao at kimberley.kao@wsj.com