AI programming start-up Cognition AI has raised $2 billion (£1.5bn) at a valuation of $48bn, nearly doubling its value from three months ago.
The round, led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Avenir, was announced on Tuesday and follows a $1bn round in June that valued it at $26bn.
Revenue surge
Cognition makes the popular programming agent Devin, and has seen its revenue run-rate grow from $492m in May to almost $900m currently.
It competes with Cursor, which SpaceX acquired in a deal that closed in August, with SpaceX’s interest in Cursor helping drive investor interest in Cognition.
