AI coding startup Cognition has confirmed a $2 billion Series E funding round that lifts the company's valuation to $48 billion, the San Francisco-based vendor announced this week. The sharp ascent of the company shows no sign of slowing as interest in automated generative AI coding continues to grow alongside its business.

The new valuation marks a significant increase in just three and a half months. In May, Cognition closed a $1 billion Series D round at a $26 billion valuation.

The Series E was led by new investors Andreessen Horowitz and Accel, alongside existing investors Founders Fund, General Catalyst and Avenir. Benchmark, Bain Capital Ventures and Kleiner Perkins also participated in the round, pairing fresh capital with the backers behind the company's earlier rise.

Escalating interest in the company and its core product, Devin, is also reflected in its growing run-rate revenue. Cognition reported $492 million in run-rate revenue in May, a figure the company now claims is approaching $900 million — a near-doubling that closely tracks the valuation's climb over the same window. Run-rate revenue, which annualizes the most recent month's sales, is a common yardstick for high-growth software startups, though it can overstate actual bookings if growth decelerates.

Cognition was founded in 2024 with the aim of transforming software engineering through Devin, an autonomous agent that can execute coding tasks without supervision. The product sits at the leading edge of a broader shift in AI coding tools, from assistants that autocomplete lines of code toward agents handed entire tasks to complete on their own.

"We believed engineers should operate more like architects and delegate execution to swarms of agents. Together, engineers and their Devins could dramatically expand the world's capacity to build great software and solve hard problems," the company said in a blog post.

Cognition said customers now using Devin include Nvidia, GE Aerospace, financial services provider Citi, automaker Mercedes-Benz and AI infrastructure vendor Modal. The list spans chipmaking, aerospace, banking and automotive, suggesting the market for autonomous coding agents now reaches well beyond software-native firms.

New Devin features include the ability to start incident investigations, find and triage vulnerabilities, and configure work from existing systems without opening chats to discuss each task, according to the vendor. The additions push the agent beyond writing code into engineering operations and security work.

Over the past year, Cognition has also become a more global player, opening offices in Tokyo, Singapore, São Paulo, Madrid and Washington, D.C. The latest funding is expected to finance additional new offices — a round that, at $2 billion, is double the size of the entire Series D that preceded it.

The company, which is training Devin on open source models, also used the funding round to pledge that it will remain independent and will not tie customers into specific model providers. The stance positions Cognition as a model-agnostic option in a market where coding tools are increasingly bundled with the labs that build the underlying models, speaking to a recurring enterprise concern around vendor lock-in.