Cognition Announces $1B Funding Round at $25B Valuation as Devin AI Coder Wins Enterprise Market

Cognition, maker of autonomous AI software engineer Devin, has raised more than $1 billion at a $25 billion pre-money valuation — a remarkable jump from the $10.2 billion post-money valuation it carried just eight months ago.

The round was led by Lux Capital, General Catalyst, and 8VC, with participation from Founders Fund, Elad Gil, Ribbit Capital, and others. The raise signals strong investor conviction that independent AI coding startups can hold their own against model makers including Anthropic, OpenAI, and Google, all of which have launched competing coding agents.

Cognition, which acquired Windsurf last year, counts Mercedes-Benz, NASA, Goldman Sachs, and Santander among its enterprise customers. The company reports $492 million in annualised revenue run-rate, with enterprise usage of Devin growing 50% month-over-month for the past six months.

Featured image: Credit: Cognition