The case to investigate
- Products embedded in daily development work may benefit from customer retention and team expansion.
Developer tools / COMPANY INTELLIGENCE
Cognition
Develops Devin and related AI systems for planning, writing, testing and shipping software.
01 / THE BUSINESS
How Cognition creates value.
Develops Devin and related AI systems for planning, writing, testing and shipping software. The research questions below focus on what would need to be true for adoption to translate into durable economics.
SectorDeveloper tools
Research coverageBusiness & sources
Research checkedSep 20, 2026
03 / CAPITAL & OWNERSHIP
Follow the financing.
Selected disclosed events, newest first. Announcement values describe that transaction and date; they are not current share prices. Debt, equity and secondary transactions are identified separately.
- Equity
Series E
Disclosed amountMore than $2BBasis not specified$48BNamed participants: Andreessen Horowitz · Accel · Founders Fund · General Catalyst · Avenir
Read the announcement
Explore the named investors.
Names refer to the cited transactions. They do not establish current ownership, ownership percentages, or endorsement of this website.
05 / EDITORIAL ANALYSIS
The opportunity. The open questions.
Our interpretation of the business model and cited sources, not a valuation or a recommendation.
Pressure-test the thesis
- Platform competition can commoditize individual features.
- Security failures or rising usage costs can undermine retention.
What to watch next
01
What share of work is completed autonomously after accounting for human review and rework?
02
What do the latest original disclosures establish about revenue quality, ownership rights and financing needs?
YOUR RESEARCH WORKSPACE
Keep the questions that matter.
Use this checklist to record what you have investigated. Your notes stay in this browser.
06 / RESEARCH TRAIL
Go straight to the source.
Research checked Sep 20, 2026. Selected public disclosures, not a complete capitalization table or securities-filing search. Missing information is left unconfirmed. No investment availability or IPO date is implied.