Cognition closed a Series E of more than $2 billion at a $48 billion valuation, nearly double its price four months earlier, according to Crunchbase News and Dealroom.
Cognition makes the autonomous coding agent Devin. Andreessen Horowitz and Accel led the round, joined by returning backers Founders Fund, General Catalyst and Avenir plus new investors including Benchmark, Bessemer Venture Partners, Kleiner Perkins, Greylock Partners and Nvidia, Dealroom reported. The company's run-rate revenue climbed from $492 million in May to nearly $900 million by the announcement, and Devin now runs inside engineering teams at Nvidia, GE Aerospace, Citi, Mercedes-Benz and Modal, according to Dealroom.
The round anchored a heavy week for U.S. venture funding. Crunchbase News tallied four companies raising $1 billion or more in the same stretch: The Boring Co. at $3 billion, Cognition at $2 billion, fleet-management software maker Motive at $1.3 billion and reusable-rocket developer Stoke Space at $1 billion.
Cognition's revenue nearly doubled in four months while its valuation grew less than twice over. For a market watching whether AI coding agents convert into durable recurring revenue or just funding headlines, that ratio is the number worth tracking, not the valuation by itself.