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Cognition AI raises $2 billion at $48 billion valuation

Sept 8 (Reuters) - ⁠AI coding startup Cognition AI ⁠said on Tuesday it had raised $2 ‌billion in a Series E funding round at a valuation of $48 billion.

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Cognition AI 融资 20 亿美元,估值达 480 亿美元

FILE PHOTO: AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Sept 8 (Reuters) - ⁠AI coding startup Cognition AI ⁠said on Tuesday it had raised $2 ‌billion in a Series E funding round at a valuation of $48 billion.

Here are some ​details:

• The round was ⁠led by new ⁠investors Andreessen Horowitz and Accel, alongside existing ⁠backers ‌Founders Fund, General Catalyst, and Avenir.

• Cognition's run-rate ⁠revenue has grown from $492 million to ​nearly $900 million ‌since its last round in May, ⁠the ​firm said in a blog.

• The latest round nearly doubles Cognition's valuation ⁠from $26 billion in May, ​when it raised $1 billion.

• Interest in AI-focused companies has surged significantly, as investors ⁠drawn by the lure of a technological revolution pour billions into the ecosystem.

• Cognition is an AI ​startup that develops ⁠autonomous software-engineering agents, which can plan, write, ​test and deploy ‌code with limited human ​intervention.

(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shailesh Kuber)

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