Cognition, the company behind the autonomous software-engineering agent Devin, announced on September 8, 2026 that it raised more than $2 billion in a Series E at a $48 billion valuation. New investors Andreessen Horowitz and Accel led the round, alongside existing investors Founders Fund, General Catalyst and Avenir, with Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter and Bond Capital among a long list of other participants.
Cognition says its run-rate revenue has grown from $492 million at its previous round in May to nearly $900 million. It names NVIDIA, GE Aerospace, Citi, Mercedes-Benz and Modal as customers running Devin, and highlights new products that push the agent beyond writing code: Devin Auto-Triage for incident investigation, Devin Security Swarm for vulnerability detection, and Devin Automations for workflow integration. It also lists new offices in Washington, D.C., Tokyo, Singapore, London, Sao Paulo and Madrid.
The round is one of the largest for an AI application company and lands in a crowded coding-agent market where model labs ship their own agents. Investors are betting that the agent layer, and the enterprise relationships around it, can hold value even as the underlying models commoditize. Nearly doubling run-rate revenue in about four months is the figure doing the work behind the valuation.
The amount, valuation, investors and revenue figures are Cognition’s own statements in its announcement; run-rate revenue is an annualized company metric, not audited revenue. Cognition’s page does not state the valuation of its May round.