Artificial intelligence coding startup Cognition AI Inc. today announced that it has raised more than $2 billion in late-stage funding at a $48 billion valuation, nearly doubling the price investors put on the company in its last round.

Before this Series E round, Cognition last raised in May, when it took in more than $1 billion at a $26 billion valuation. Run-rate revenue was $492 million at the time. It’s now close to $900 million, according to the company.

Chief Executive Scott Wu founded the company in 2024. Cognition builds AI agents that handle software engineering work end to end. Its flagship product, Devin, works from high-level requirements rather than line-by-line prompts, planning tasks, writing and testing code, debugging and pushing deployments inside a sandboxed environment.

Cognition also owns Windsurf, the AI coding editor it bought in July 2025 after OpenAI Group PBC’s takeover bid collapsed and Google LLC hired Windsurf’s founders in a technology licensing deal.

Devin is being used for chip design at Nvidia Corp., aviation work at GE Aerospace, financial services at Citigroup Inc., automotive engineering at Mercedes-Benz Group AG and AI infrastructure at Modal Labs Inc. Goldman Sachs Group Inc. is also a customer.

Recent additions to the platform include Devin Auto-Triage, which investigates production incidents; Devin Security Swarm, which hunts for vulnerabilities across a codebase; and Devin Automations, which kicks off agent work from events in Slack, GitHub and Linear.

Cognition positions itself as an independent agent lab that can “choose and combine the models best suited to the work, including our own,” in contrast to rivals tied to a single model provider. Engineers, the company wrote in its announcement, “should operate more like architects and delegate execution to swarms of agents.”

The company has added six offices, in Washington, Tokyo, Singapore, London, São Paulo and Madrid. It already had hubs in San Francisco, New York and Austin.

Cognition has drawn criticism on its way up. Devin’s March 2024 debut was followed by a widely circulated video on the Internet of Bugs YouTube channel arguing that the launch demonstration overstated what the agent had actually accomplished on an Upwork task. That fed broader skepticism in the developer community about the transparency of the company’s benchmark claims.

A second round of criticism arrived in August 2025, three weeks after the Windsurf was announced. Cognition laid off 30 staff and gave the roughly 200 employees who remained a choice between nine months of salary to leave or staying on six-day weeks of 80 hours or more, according to TechCrunch. “We don’t believe in work-life balance,” Wu wrote in the memo to staff.

Andreessen Horowitz and Accel led the Series E as new investors, with existing backers Founders Fund Management, General Catalyst Group Management and Avenir Growth Capital returning. More than 30 other firms took part, among them Benchmark Capital Partners, Bessemer Venture Partners, Kleiner Perkins Caufield & Byers, Greylock Partners, Lightspeed Venture Partners, Bond Capital Management LP, T. Rowe Price Group Inc., Lux Capital Management, 8VC Management, Bain Capital Ventures and Nvidia.

Nvidia’s participation makes the chipmaker both a backer of Cognition and a customer of Devin.

Image: Cognition