The latest funding nearly doubles the company’s $26bn May valuation.

AI start-up Cognition has raised more than $2bn for a $48bn valuation in a Series E funding round led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Avenir.

The raise was also supported by Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, Bond Capital, Meritech, Atreides, Valor, T Rowe Price, Lux, 8VC, D1 and 137 Ventures, among a number of other investors. Rumours of a raise first surfaced last month, as reported by Bloomberg.

Founded in 2023, Cognition is behind the AI agent Devin, which is used by the likes of the US army and navy, NASA, and leading businesses including ServiceNow, Infosys and Goldman Sachs.

According to the company, the advancing AI agent can take “significantly more directed yet proactive action”, including triaging tasks and allowing human employees to automate work from platforms such as Slack, GitHub and Linear.

In a blogpost announcing the raise, Cognition said that Devin will become even more proactive by default and allow humans to act as overseers by ordering tasks, setting goals and defining priorities.

The latest raise nearly doubles the company’s $26bn valuation from May after a $1bn round led by Lux Capital, General Catalyst and 8VC. Between the two raises, the start-up’s run-rate revenue has grown from $492m to almost $900m, it said.

The company has also opened new offices in Washington DC, Tokyo, Singapore, London, São Paulo and Madrid in the past year, in addition to its older locations in San Francisco, New York and Austin. Cognition said it intends to continue expanding its footprint.

Last year, the company purchased the remaining assets and team at coding AI start-up Windsurf, after the latter’s founders and other team members jumped ship to Google in a deal valued at $2.4bn that included licensing of Windsurf’s technology.

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