Enterprise AI firms Cohere and Cognition secure multi-billion dollar funding

enterprise AI artificial intelligence funding large language models AI software agents venture capital

Major enterprise AI players Cohere and Cognition are securing massive capital injections to scale their operations.

Toronto-based Cohere is in advanced discussions to raise up to $3 billion. This potential funding follows a merger with Germany’s Aleph Alpha and a $600 million commitment from the Schwarz Group. Cohere, which focuses on secure large language models for businesses, reported annual recurring revenue of $240 million in early 2026, a significant increase from $100 million in mid-2025.

Meanwhile, Cognition has raised over $2 billion at a $48 billion valuation. The funding round, led by Andreessen Horowitz and Accel, comes as the company scales Devin, its AI software engineering agent. Cognition reported that its run-rate revenue has climbed from $492 million to nearly $900 million since May. The company is targeting the ‘self-driving software era’ by automating development work for major clients including NVIDIA, GE Aerospace, and Mercedes-Benz.