Cognition completed a $2 billion Series E financing at a valuation of $48 billion, led by a16z and Accel

According to Forbes, Andreessen Horowitz and Accel co-led a Series E funding round of over $2 billion for AI coding agent company Cognition, with a latest valuation of $48 billion, a significant increase from $26 billion four months ago. More than thirty institutions, including Founders Fund, General Catalyst, Avenir, and NVIDIA, participated in the follow-on investment.

Cognition's AI coding agent product Devin has seen its operating revenue grow from $492 million in May to nearly $900 million, with The Information predicting its annualized revenue by the end of the year could reach $4 billion to $5 billion.