AI Coding Startup Cognition Raises $2 Billion at $48 Billion Valuation

AI coding startup Cognition AI has raised $2 billion in a new funding round, bringing its post-money valuation to $48 billion. The round was led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst, and Avenir. The company's valuation has increased from $26 billion three months ago, with annualized revenue growing from $492 million in May to nearly $900 million. Its core product is the AI engineering agent Devin.