Cognition, the startup developing coding assistant Devin, announced it raised $2 billion at a $48 billion valuation. The round, which comes just four months after Cognition’s previous fundraise at a $26 billion valuation, was led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst, and Avenir.
The startup’s soaring valuation signals that VCs still see room for multiple major players to capture meaningful market share in AI coding, one of the technology’s most significant applications. Cognition said that since announcing its last fundraise in May, its annualized run-rate revenue has grown from $492 million to $900 million. While the startup didn’t explain how it calculates that run-rate revenue, the metric is usually defined as a month’s top line multiplied by 12.
