Cognition AI, creator of the AI coding agent Devin, has raised $400 million in a funding round led by Founders Fund, pushing its valuation to $10.2 billion, up from $4 billion earlier this year. Existing backers Lux Capital, 8VC, Elad Gil, Definition Capital, and Swish Ventures also participated.
The financing follows rapid adoption of Devin, which grew annual recurring revenue from $1 million in September 2024 to $73 million by June 2025, according to Bloomberg. Founded just two years ago, the company has maintained net burn below $20 million. Cognition also expanded its portfolio with the acquisition of Windsurf, an AI coding startup, as it cements its position in the competitive AI development market.
