Cognition AI raises $2 billion at $48 billion valuation
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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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