Cognition Raises $2B Series E at $48B Valuation

Cognition, the company behind the autonomous software-engineering agent Devin, announced a Series E financing of more than $2 billion at a $48 billion valuation. The company’s announcement was dated September 8, 2026; coverage of the news appeared September 9. 1312

A valuation jump from $26 billion to $48 billion

The Series E follows Cognition’s May 2026 Series D, which raised more than $1 billion at a $26 billion valuation. At $48 billion, the new valuation is roughly 85% higher—close to a doubling in less than four months. 313

Cognition said its run-rate revenue increased from $492 million at the time of the Series D to nearly $900 million by the Series E announcement. That revenue figure is company-reported run rate, rather than audited annual revenue. 45

Who invested in the Series E

Andreessen Horowitz and Accel led the Series E as new investors. Existing investors Founders Fund, General Catalyst, and Avenir also participated. The broader syndicate included Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, Bond Capital, Meritech, Atreides, Valor, T. Rowe Price, Lux, 8VC, D1, DST and other firms. 27

Enterprise deployments cited by Cognition

Cognition pointed to deployments at NVIDIA for chip design, GE Aerospace in aviation, Citi in financial services, Mercedes-Benz in automotive, and Modal in AI infrastructure. These examples are company-cited customer deployments, not independently measured evidence of their outcomes. 1

Devin’s more proactive workflows

The company framed the new funding as a way to expand Devin from a coding agent that responds to requests into one that can begin work from operational signals. Cognition said the product now includes:

• Auto-Triage, for an initial incident investigation;
• Security Swarm, for identifying and triaging vulnerabilities; and
• Automations, which can start work from events in systems such as Slack, GitHub and Linear without a separate chat request.

Cognition describes Devin as an autonomous software engineer that can plan, write, test and ship production code within a customer’s codebase and existing tools. 11

Global expansion and an independent-model strategy

Over the preceding year, Cognition said it opened offices in Washington, D.C.; Tokyo; Singapore; London; São Paulo; and Madrid, adding to hubs in San Francisco, New York and Austin.

The company also characterizes itself as an independent agent lab: rather than tying its product to a single model provider, it says it can select and combine models suited to a given task, including models it develops itself. 111

How to interpret the “89% of code” claim

Cognition has said that Devin accounted for 89% of code committed by its engineers, with the remainder attributed to local agents in Windsurf. 10 The statistic should be treated as a company claim, not an independently verified benchmark. It is notable as a measure of Cognition’s own internal use of AI coding tools, but it does not by itself establish comparable performance across other organizations or codebases.

Why the announcement matters

The Series E combines a major valuation increase with Cognition’s assertion that autonomous agents are moving beyond code generation toward ongoing operational work: investigating incidents, flagging vulnerabilities, and acting on events in engineering systems. Whether those workflows deliver consistently in varied enterprise environments remains a separate question, but Cognition’s funding and reported run-rate growth show that investors are assigning substantial value to that direction. 14