Cognition, which developed an autonomous AI software engineer named Devin, has raised more than $1 billion at a pre-money valuation of $25 billion ($26 billion post-money valuation), the company announced Wednesday.
That’s a big jump from its $10.2 billion post-money valuation just eight months ago, when it closed a $400 million funding round in September.
The round was led by Lux Capital, General Catalyst, and 8VC, with participation from existing investors Elad Gil, Soma Capital, Omri Casspi, Founders Fund, and many others. New investors also participated in this round, including Ribbit Capital, Atreides, and Layer Global.
This is a huge vote of confidence from top VCs that there is room for independent AI software coding startups. Last year, all indications were that model makers would swallow this hot market for themselves. Indeed, Anthropic’s Claude Code, OpenAI’s Codex, and perhaps even Google’s coding agent Jules (after Google’s deal to acquire Windsurf last year) capture a lot of that.
But Cognition, which bought the rest of Windsurfing last year, said it counts large companies such as Mercedes-Benz, NASA, Goldman Sachs and Santander among its customers. It also said that over the past six months, enterprise usage of Devin has increased 50% month over month, resulting in an annual revenue run rate of $492 million.
Note: This article has been updated to clarify that 8VC is the lead investor, additionally list several other key investors, and name the post-money valuation.
