AI coding company Cognition completes over $2 billion funding round, valuation rises to $48 billion

Odaily report: Cognition, the developer of AI coding agent Devin, has completed a Series E funding round of over $2 billion, reaching a post-money valuation of $48 billion, an increase of approximately 85% from its $26 billion valuation four months ago. The round was co-led by a16z and Accel, with participation from Founders Fund, General Catalyst, Avenir, and others, while Nvidia also appeared in the list of investors.

Cognition stated that the company's annualized revenue has grown from $492 million in May of this year to nearly $900 million. Notably, a16z had previously invested in AI coding tool Cursor and exited after Cursor was acquired by SpaceX for $60 billion, and this time it turned to lead Cognition's round instead. Forbes believes this reflects a16z's judgment that the AI coding market will have a "multi-winner" landscape. (Forbes)