AI Coding Firm Cognition Raises Over $2 Billion, Valuation Climbs to $48 Billion

Odaily News: Cognition, the developer of AI coding agent Devin, has completed a Series E funding round of over $2 billion, reaching a post-money valuation of $48 billion, an increase of about 85% from its $26 billion valuation four months ago. The round was co-led by a16z and Accel, with participation from Founders Fund, General Catalyst, Avenir, and others, and Nvidia also appeared on the list of investors.

Cognition said its annualized revenue has grown from $492 million in May this year to nearly $900 million. Notably, a16z had previously invested in AI coding tool Cursor and exited after Cursor was acquired by SpaceX for $60 billion, and this time it turned to lead Cognition's round. Forbes believes this reflects a16z's judgment that the AI coding market will have a "multiple winners" landscape. (Forbes)