Cognition, the company behind software engineering agent Devin, announced a Series E funding round of more than $2 billion at a $48 billion valuation. TechCrunch separately reported the financing on September 8, putting another large capital commitment behind AI coding tools.

The company named new investors Andreessen Horowitz and Accel as round leaders alongside existing investors Founders Fund, General Catalyst, and Avenir. The financing follows Cognition's previous round in May.

Revenue growth and broader automation

Cognition says its run-rate revenue has risen from $492 million to almost $900 million since that earlier round. These are company-reported run-rate figures, not a statement of revenue collected over a completed year. TechCrunch noted that Cognition did not explain how it calculates the metric.

The announcement also describes Devin's expanding role beyond individual coding requests. Auto-Triage takes a first pass at investigating incidents, Security Swarm finds and triages vulnerabilities, and Automations can start work from events in Slack, GitHub, Linear, and other systems. Those are company descriptions of capabilities, not independent measurements of reliability.

An independent agent business

Cognition says it is building an independent agent lab that can combine models from multiple providers, including its own. It lists customers using Devin across chip design, aviation, financial services, automotive engineering, and AI infrastructure.

The funding is a concrete business milestone, but it does not establish that software engineering can run without human oversight. The next test is whether broader deployment turns the reported growth into durable revenue and dependable execution across real engineering workflows.