Cognition, the company behind the AI programming assistant Devin, has completed a Series E funding round of over two billion dollars. The valuation thus rises to 48 billion dollars – almost doubling from the last round at 26 billion dollars just four months ago. The round was led by investors Andreessen Horowitz and Accel.
Andreessen Horowitz and Accel lead the record round
In addition to the new lead investors, previous backers Founders Fund, General Catalyst, and Avenir also participated in the round. Cognition mentions in its blog post on Series E more than 25 additional capital providers, including Benchmark, Bessemer Venture Partners, Kleiner Perkins, Greylock, Lightspeed, and the chip company Nvidia. Nvidia thus acts as both an investor and a customer, as the company reportedly uses Devin in its own chip design according to Cognition. The participation fits into Nvidia’s growing role as a financier of its own AI customers, which the chip company has been expanding for months. Based on an annual revenue of nearly 900 million dollars, the round values Cognition at about 53 times its current revenue – a multiple that only a few software companies achieve. According to an analysis by the investment platform Dealroom, the round is also among the largest Series E financings in the US deep tech sector and is close to the 99th percentile of comparable deals – an assessment that has not been independently verified.
Annual revenue grows by more than 80 percent in four months
Cognition’s annual revenue, measured as run rate, has significantly increased since the Series D round in May: from 492 million to nearly 900 million dollars. Cognition attributes the growth to the development of Devin into an independent toolbox for software teams. New features such as Devin Auto-Triage for automatic investigation of error reports, Devin Security Swarm for searching for security vulnerabilities in its own code, and Devin Automations for integration with Slack, GitHub, and Linear expand the previous core of the autonomous programming assistant. The company names customers including Nvidia, as well as aerospace giant GE Aerospace, Citigroup, and Mercedes-Benz, which are said to use Devin in safety-critical or heavily regulated software projects. In parallel with the influx of capital, Cognition is opening six new offices in Washington, Tokyo, Singapore, London, São Paulo, and Madrid, thereby adding to its previously only three locations in San Francisco, New York, and Austin – thus doubling its international presence in one fell swoop. Cognition is thus getting closer to customers in Europe, Asia, and Latin America, who were previously only served from afar.
Valuation continues rapid capital succession since spring
The new valuation exceeds the initially negotiated interim round at $47 billion as well as the previously reported $40 billion from August. Bloomberg initially reported both figures only as negotiation status before Cognition surpassed them with the now officially completed capital influx. The Series D from May 2026 had still resulted in a valuation of 26 billion dollars with around one billion dollars in capital influx. Thus, only about four months elapsed between the Series D in May and the current closing, during which the publicly traded valuation climbed in three jumps from 26 to 40 and 47 to 48 billion dollars. Cognition attributes the pace to an expected market phase in which software improves itself and AI agents will work proactively rather than just reactively in the future. Similarly rapid valuation jumps are currently also seen in other AI companies: Crusoe tripled its valuation within a few months, DeepSeek resumed a previously halted billion-dollar round, and Anthropic is simultaneously closing billion-dollar computing power contracts.
It will be crucial whether Cognition can maintain its growth rate once companies more strictly align the cost per deployed AI agent with the actual benefit. The revenue figures so far come exclusively from Cognition itself, and there is no independent verification of the run rate figures. Whether the pace of valuation jumps continues will likely be revealed at the latest in the next funding round.
