Cognition, the San Francisco company behind the AI software engineering agent Devin, announced on 8 September 2026 that it had raised more than $2bn in a Series E round at a $48bn valuation.
New investors Andreessen Horowitz and Accel led the round. Existing investors Founders Fund, General Catalyst and Avenir also took part, along with more than 30 other firms including Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, T. Rowe Price, Lux, 8VC, Ribbit, Bain Capital Ventures, Alpha Wave and Alkeon. Channel Insider reported that Nvidia also participated.
The valuation is almost double the $26bn at which Cognition raised more than $1bn in May, according to PYMNTS and Channel Insider.
What Cognition does
Cognition builds Devin, an autonomous coding agent that carries out software engineering tasks for companies. Channel Insider reported that the company was founded in 2023 by Scott Wu, Steven Hao and Walden Yan, and that it also owns the Windsurf AI coding editor.
In its announcement, Cognition said engineers should work more like architects and hand execution to groups of agents. It said Devin was used by engineering teams in chip design at NVIDIA, aviation at GE Aerospace, financial services at Citi, automotive at Mercedes-Benz and AI infrastructure at Modal.
The company highlighted recent features that let Devin act with less prompting: Devin Auto-Triage takes a first pass at investigating incidents, Devin Security Swarm finds and triages vulnerabilities, and Devin Automations start work from events in tools such as Slack, GitHub and Linear. Cognition said it was building itself as an independent agent lab that combines models from different providers, including its own.
Revenue and costs
Cognition said its run-rate revenue had grown from $492m at the time of its May round to almost $900m. The company did not say how the money from the new round would be used.
Channel Insider reported that the company was projected to burn about $800m in cash this year. Over the past year, Cognition said, it opened offices in Washington, D.C., Tokyo, Singapore, London, São Paulo and Madrid, in addition to its hubs in San Francisco, New York and Austin.
The company has also faced criticism, Channel Insider reported, over the benchmark claims it made when it first showed Devin and over its workplace culture, after chief executive Scott Wu laid off 30 Windsurf employees and told remaining staff to expect 80-hour working weeks.
The funding so far
Cognition's May round was led by Lux Capital, General Catalyst and 8VC, according to Runtime Wire. Dealroom reported that the May round valued the company at $26bn, up from $10.2bn in March 2025. Cognition did not give a figure for its total funding to date.
Avenir said on X that its cheque for the Series E was the largest it had ever written, PYMNTS reported.
The round came weeks after SpaceX agreed in August to buy Cursor, a rival AI coding company, for $60bn, according to Channel Insider, which said Cognition's raise suggested investors expected the market to support several large providers.
Company website: cognition.com