Cognition, maker of an autonomous AI software engineer named Devin, announced Wednesday that it has raised more than $1 billion at a pre-valuation of $25 billion.
That’s a big leap from its post-money valuation of $10.2 billion when it closed a $400 million funding round just eight months ago in September.
This round was led by Lux Capital and General Catalyst, with existing investors including Founders Fund and 8VC pouring in. The round also included new investors Ribbit Capital, Atreides and Layer Global.
This is a huge vote of confidence from top VCs that there will be room for independent AI software coding startups. Last year, all signs pointed to model makers gobbling up this hot market for themselves. Certainly Anthropic’s Claude Code, OpenAI’s Codex, and even Google’s coding agent Jules (since Google acquired Windsurf last year) have picked up a lot.
But Cognition, which acquired the remainder of Windsurf last year, says it counts big companies like Mercedes-Benz, NASA, Goldman Sachs and Santander among its customers. It also said that over the past six months, Devin’s enterprise usage has grown 50% month-on-month, leading to an annualized revenue run rate of $492 million.
