According to Forbes, Andreessen Horowitz and Accel co-led Cognition’s $2 billion Series E funding round for its AI coding agent, pushing its latest valuation to $48 billion—up significantly from $26 billion just four months prior. Over thirty investors, including Founders Fund, General Catalyst, Avenir, and NVIDIA, participated in the round. Cognition’s AI coding agent, Devin, has seen its operating revenue grow from $492 million in May to nearly $900 million, with The Information projecting its annualized revenue by year-end could reach $4 to $5 billion.
a16z and Accel lead a $200 million Series E round for Cognition, valuation reaches $48 billion
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Summary
AI + crypto news: a16z and Accel co-led a $200 million Series E round for Cognition, pushing its valuation to $48 billion. Over 30 institutions, including NVIDIA and Founders Fund, participated. Cognition’s AI coding agent, Devin, generated $900 million in revenue in August, up from $492 million in May. This funding round highlights strong institutional interest in AI-powered development tools.
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