AI programming firm Cognition raises over $2 billion in its E-round, valuation reaches $48 billion

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AI and crypto news broke as Cognition, an AI programming agent firm, closed a $2 billion Series E round, pushing its valuation to $48 billion. The round was co-led by a16z and Accel, with support from Founders Fund, General Catalyst, Avenir, and Nvidia. Cognition’s annualized revenue rose from $492 million in May to nearly $900 million. a16z, known for its prior investment in Cursor, is now pivoting its focus to Cognition. Crypto news outlets such as Forbes highlighted the move as a sign of a competitive AI programming market.

Odaily Planet Daily report: Cognition, the developer of AI programming agent Devin, has completed an E-round financing of over $2 billion, bringing its post-money valuation to $48 billion—a roughly 85% increase 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, including Nvidia.

Cognition stated that the company's annualized revenue has increased from $492 million in May of this year to nearly $900 million. Notably, a16z previously invested in the AI programming tool Cursor and exited after Cursor was acquired by SpaceX for $60 billion; now, it is leading Cognition’s latest funding round. Forbes believes this reflects a16z’s assessment of a “multi-winner” landscape in the AI programming market. (Forbes)

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