Cognition, the developer of the autonomous AI software engineer Devin, announced on Wednesday it has raised more than $1 billion at a $25 billion pre-money valuation. This marks a significant increase from its $10.2 billion post-money valuation following a $400 million funding round in September 2025. The latest round was led by Lux Capital and General Catalyst, with participation from existing investors such as Founders Fund, 8VC, and others.
New investors including Ribbit Capital, Atreides, and Layer Global also joined the round. The funding reflects strong confidence from top-tier venture capital firms in the potential of independent AI software coding startups. Last year, many expected model makers to dominate the market, with companies like Anthropic’s Claude Code, OpenAI’s Codex, and Google’s Jules capturing significant market share.
However, Cognition, which acquired the remaining assets of Windsurf last year, claims to have secured major enterprise clients including Mercedes-Benz, NASA, Goldman Sachs, and Santander. The company also reported an annualized revenue run-rate of $492 million as enterprise adoption of Devin grew by 50% month-over-month over the past six months.
Source: techcrunch
