A16z, Accel lead $2b round for US AI startup Cognition
Cognition’s run-rate revenue nearly doubled from US$492 million to nearly US$900 million.
Cognition AI Inc., an artificial intelligence coding startup, has raised over $2 billion in late-stage funding to reach a $48 billion valuation, more than doubling its previous round's valuation. The Series E funding round came after the company's May 2024 Series D round, in which it raised more than $1 billion at a $26 billion valuation.
CEO Scott Wu founded Cognition in 2024, which develops AI agents to handle software engineering tasks end-to-end. Their flagship product, Devin, uses high-level requirements instead of line-by-line prompts to plan, write, test, debug, and deploy code in a sandboxed environment. Cognition's platform has been adopted by various industries, including Nvidia for chip design, GE Aerospace for aviation work, Citigroup for financial services, Mercedes-Benz Group AG for automotive engineering, and Modal Labs Inc. for AI infrastructure.
The company has also introduced new features like Devin Auto-Triage, Devin Security Swarm, and Devin Automations. Despite its success, Cognition has faced criticism regarding the accuracy of its launch demos and benchmark claims. The company expanded its offices to include hubs in Washington, Tokyo, Singapore, London, São Paulo, and Madrid.
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- AI coding startup Cognition raises $2B at $48B valuation as revenue nears $900M siliconangle.com
- Cognition AI raises $2 billion at $48 billion valuation economictimes.indiatimes.com
- Cognition AI raises $2B at $48B valuation in Series E funding round seekingalpha.com
- Cognition AI raises $2 billion at $48 billion valuation channelnewsasia.com
