Cognition Raises $2B at $48B Valuation as Annualized Revenue Nears $900M
创业邦 · wechat · 2026-09-13
AI coding startup Cognition closed a $2B Series E at a $48B valuation, led by a16z and Accel with NVIDIA participating.
- Founded in 2023 by three Chinese-American IOI gold medalists (Scott Wu, Steven Hao, Walden Yan); launched Devin, an "AI software engineer," in March 2024.
- Annualized revenue grew from $37M (May 2025) to $900M (Sep 2026), a 20x+ jump in a year; valuation rose 100x in under 30 months.
- Devin now handles end-to-end engineering tasks; Devin Fusion cuts inference costs, SWE-1.7 hits 77.8% on SWE-Bench Multilingual; Devin writes 89% of commits in Cognition's own codebase.
- Customers include NVIDIA, Citi, Mercedes-Benz (8-month project compressed to 8 days), NASA, and the US Army; enterprise usage grew 50% monthly over six months.
- Competition is intensifying from OpenAI, Anthropic, and Cursor; the $48B question is whether Devin becomes a lasting enterprise software platform.
Related event: Cognition raises $2B at $48B valuation(2 posts)→
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