Cognition raises over $2bn at a $48bn valuation

Cognition raised more than $2bn in a Series E round at a $48bn valuation, led by Andreessen Horowitz and Accel with participation from roughly 40 firms including existing backers Founders Fund, General Catalyst and Avenir. The company makes Devin, an autonomous coding agent, and said the round would fund expansion of the product beyond writing code into tasks such as incident triage and vulnerability detection.

Cognition reported that Devin’s annualised run-rate revenue rose from about $492m to nearly $900m in the roughly four months since May 2026, and named Nvidia, GE Aerospace, Citi and Mercedes-Benz among the customers using it. Alongside the funding, the company announced new Devin capabilities — Auto-Triage for investigating incidents, Security Swarm for vulnerability scanning, and Automations that trigger workflows from Slack, GitHub and Linear — extending the product from a code-writing tool toward broader software-operations work.

The round is one of a cluster of large September 2026 raises for companies selling AI agents into enterprise workflows, alongside Mistral’s €3bn Series D the same day and Harvey’s $550m raise the day after, and follows OpenAI’s own account of coding agents outworking its human researchers days earlier — both taken by investors as evidence that coding- and research-agent products were converting usage into revenue at speed, though the figures come from the companies themselves rather than independently audited disclosures.