Cognition AI raises $2 billion Series E at $48 billion valuation

Cognition AI, developer of the autonomous coding agent Devin, closed a $2 billion Series E round at a $48 billion valuation, nearly doubling its May valuation of $26 billion. The round was led by new investors Andreessen Horowitz and Accel, with participation from existing backers including Founders Fund, General Catalyst, and Avenir. The company reported annualized run-rate revenue growth from $492 million to nearly $900 million since the prior raise, reflecting rapid commercial expansion of AI software-engineering agents.