Cognition AI raises $2B at $48B valuation on $900M revenue run rate
The maker of Devin, an autonomous coding agent, nearly doubled its valuation in four months as enterprise customers expand deployment.
Cognition AI secures massive Series E as coding agents reach scale
Cognition AI Inc. has closed a $2 billion Series E funding round at a $48 billion valuation, the company announced today. The valuation nearly doubles the $26 billion price tag investors assigned the startup just four months earlier in May, when it raised more than $1 billion.
Revenue growth drove the valuation jump. Cognition's run-rate revenue stood at $492 million in May and has since climbed to approximately $900 million, according to the company. The startup, founded by CEO Scott Wu in 2024, builds AI agents designed to handle complete software engineering workflows without human intervention.
Enterprise adoption accelerates
Cognition's flagship product, Devin, operates from high-level requirements rather than requiring line-by-line prompts. The agent plans tasks, writes and tests code, debugs issues and pushes deployments within sandboxed environments.
The customer roster now includes Nvidia Corp. for chip design work, GE Aerospace for aviation projects, Citigroup Inc. for financial services, Mercedes-Benz Group AG for automotive engineering, and Modal Labs Inc. for AI infrastructure. Goldman Sachs Group Inc. also uses the platform.
Cognition has expanded its product line with three recent additions: Devin Auto-Triage for investigating production incidents, Devin Security Swarm for vulnerability scanning across codebases, and Devin Automations for triggering agent workflows from events in Slack, GitHub and Linear.
The company also owns Windsurf, an AI coding editor it acquired in July 2025 after OpenAI's attempted acquisition fell through and Google hired Windsurf's founders through a technology licensing arrangement.
Aggressive expansion amid controversy
Cognition has opened six new offices in Washington, Tokyo, Singapore, London, São Paulo and Madrid, adding to existing locations in San Francisco, New York and Austin.
The company's rapid ascent has drawn criticism. Following Devin's March 2024 launch, a YouTube channel called Internet of Bugs published a video arguing the demonstration overstated what the agent accomplished on an Upwork task, fueling skepticism about benchmark transparency in the developer community.
In August 2025, three weeks after announcing the Windsurf acquisition, Cognition laid off 30 employees. The roughly 200 remaining staff received an ultimatum: accept nine months of salary to leave or commit to six-day weeks of 80 hours or more. "We don't believe in work-life balance," Wu wrote in a memo to employees, according to TechCrunch.
Investment syndicate spans venture and strategic capital
Andreessen Horowitz and Accel led the Series E as new investors. Returning backers included Founders Fund Management, General Catalyst Group Management and Avenir Growth Capital. More than 30 firms participated, including Benchmark Capital Partners, Bessemer Venture Partners, Kleiner Perkins Caufield & Byers, Greylock Partners, Lightspeed Venture Partners, Bond Capital Management LP, T. Rowe Price Group Inc., Lux Capital Management, 8VC Management, Bain Capital Ventures and Nvidia.
Nvidia's participation makes the chipmaker both an investor in Cognition and a customer of Devin.
Cognition positions itself as model-agnostic, stating it can "choose and combine the models best suited to the work, including our own," distinguishing itself from competitors tied to single model providers. The company envisions engineers operating "more like architects" who delegate execution to agent swarms.
Why it matters
Cognition's revenue trajectory—from $492 million to nearly $900 million in four months—suggests enterprise customers are moving AI coding tools from pilots to production at scale. The $48 billion valuation and participation from both venture firms and strategic investors like Nvidia signal confidence that autonomous agents will fundamentally reshape software development workflows, even as questions persist about the technology's actual capabilities and the company's workplace culture.
The details were first reported by SiliconANGLE.
This is an original analysis by the Omega editorial team. Source reporting: AI Watch.
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