Cognition has announced more than $2 billion in Series E funding at a $48 billion valuation. The company makes Devin, an AI software-engineering product that helps developers work through tasks such as fixing bugs, updating older code and building internal tools. The announcement turns an earlier financing report into a company-confirmed event.
An engineering team can give Devin a specific ticket rather than ask it only for advice. The agent can work in a code editor, run commands and test a change, then leave a proposed contribution for a person to review. Cognition's documentation describes workflows that begin in Slack or an issue tracker and end in a pull request: the package of changes a team examines before accepting new code. It recommends explicit completion criteria and work that is easy to verify.
The commercial product spans individual developers and organizations. Devin's pricing page lists free and paid individual plans, a team plan with a base charge and full-developer seats, and negotiated enterprise access. Larger customers are offered centralized administration, identity controls and a dedicated deployment option. Those features address a different purchasing decision from trying a coding assistant alone: a business needs to decide who can use agents, what systems they can reach and how their work will be supervised.
Cognition says its revenue run rate has risen from $492 million at its May round to almost $900 million. That is a company-reported annualized measure, not a full year's recognized revenue. It names NVIDIA, GE Aerospace, Citi, Mercedes-Benz and Modal among organizations whose engineering teams use Devin. Its latest announcement also describes automation triggered by events in existing work tools, alongside first-pass incident investigation and security-issue triage. These extend the product toward ongoing software maintenance, not just writing a new application.
New investors Andreessen Horowitz and Accel led the Series E alongside existing investors Founders Fund, General Catalyst and Avenir, according to Cognition. The disclosed terms supersede the roughly $1 billion raise and $47 billion valuation in Captables' earlier report. This article has been updated on September 8, and its financing entry now counts $2 billion as confirmed, replacing the prior reported amount rather than adding a second round. The company describes the actual raise as above that figure.
The next operating test is how much useful work survives review as agents become more proactive. A system that starts jobs from a repository event can reduce the need for repeated prompts, but it also makes clear task boundaries and reliable checks more important. Cognition's own guidance to choose verifiable tasks remains relevant even as the product takes on a larger share of the backlog.