Cognition AI Inc. said Tuesday it secured $2 billion in new capital, lifting the startup's valuation to $48 billion. The company named Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Avenir as the lead backers in the round.
Cognition builds Devin, an AI agent aimed at software engineering tasks. The company also reported on Tuesday that its run-rate revenue has accelerated, moving from $492 million as of May to almost $900 million.
A report last week indicated Cognition was on the verge of a deal that would push its valuation to nearly twice the $26 billion level reported three months earlier. Investor attention heated up earlier this year after SpaceX said it could buy rival Cursor for $60 billion, a transaction that closed in August.
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A $2 billion raise, a $48 billion price tag, and revenue ramping quickly signal how hot AI engineering tools have become. For anyone tracking where real dollars are flowing in AI, this is a clear marker: investors are betting on agents like Devin to turn software development into a faster, more automated workflow.
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