Cognition has raised over $2 billion in a Series E round at a $48 billion valuation, the AI software-engineering company announced on September 8, 2026. New investors Andreessen Horowitz and Accel led the round, joined by existing investors Founders Fund, General Catalyst, and Avenir.
The company’s Series E announcement lists a broad syndicate of additional participants: Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, Bond Capital, Meritech, Atreides, Valor, T. Rowe Price, Lux, 8VC, D1, 137 Ventures, DST, Positive Sum, HOF, Soma, BoxGroup, Battery, Ribbit, Swish, Stripes, Definition, Hanabi, Journey, Bain Capital Ventures, Layer Global, A* Capital, Alpha Wave, Alkeon, Diffusion, and NVIDIA.
Revenue Growth Since May
The announcement states that Cognition’s run-rate revenue has grown from $492 million at its previous round in May 2026 to almost $900 million. The company attributed that growth to expanding adoption of Devin, its autonomous software-engineering agent, and said the product powers engineering teams at NVIDIA in chip design, GE Aerospace in aviation, Citi in financial services, Mercedes-Benz in automotive, and Modal in AI infrastructure.
Cognition published a chart tracking monthly Devin usage in what it calls Agent Compute Units, showing steep growth between August 2025 and August 2026. The company framed that trajectory as evidence that Devin is becoming an essential part of how customers build software.
Product Expansion
Cognition described Devin as now able to take more directed yet proactive action across all of its surfaces. According to the announcement, Devin Auto-Triage takes a first pass at incident investigation, Devin Security Swarm finds and triages vulnerabilities, and Devin Automations let teams configure work to begin from events in Slack, GitHub, Linear, and other systems without opening a chat for each task.
The company characterized the current moment as “the dawn of the self-driving software era.” In Cognition’s stated view of the next chapter, agents will become proactive by default, software will improve itself, and compute budgets will self-allocate toward the highest-impact use cases, while human engineers increasingly act as architects who set goals and priorities.
Global Footprint and Independent Lab Strategy
Over the past year, Cognition opened offices in Washington, D.C., Tokyo, Singapore, London, São Paulo, and Madrid, adding to existing hubs in San Francisco, New York, and Austin. The announcement says the list will keep growing, and ties the expansion to working side by side with customers on their systems and processes.
The company also restated its strategy of operating as an independent agent lab, saying it can choose and combine the models best suited to each job, including its own, rather than tying customers to a single provider.
Prior Round and Company Background
Cognition’s Series D announcement, published May 27, 2026, reported a raise of over $1 billion at a $26 billion valuation led by Lux Capital, General Catalyst, and 8VC. That post reported run-rate revenue of $492 million at the time, enterprise usage growth of more than tenfold since the start of 2026, and customers including Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, the U.S. Army, and the U.S. Navy. It also stated that the company launched Devin two years earlier as the first AI software engineer.
In that earlier announcement, Cognition said it had started a model training program and launched SWE-1.6, which it described as the most-used model in Devin Desktop at up to 950 tokens per second. It also reported that 89 percent of code committed by Cognition’s own engineers was committed by Devin, with the rest handled by local agents in Devin Desktop.
Founded in 2024, Cognition said it set out with the belief that engineers should operate more like architects and delegate execution to swarms of agents. The September 8 post closes by stating that there is far more software worth building than the world can build today and that the company intends to change that.
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