AI coding startup Cognition has secured a $1 billion funding round at a $26 billion valuation.
Cognition bills itself as an independent agent lab that works closely with all the major foundation model labs, and its core product is Devin, an autonomous AI agent that can plan and execute software engineering tasks without human supervision. It was hailed as the first of its type when it launched in 2024.
The latest investment continues the San Francisco vendor’s notable upward trajectory, given that in April 2024, it was valued at $2 billion, and less than a year ago. The valuation had risen to $10.2 billion.
A blog post on the latest stage of the company’s rapid growth said that Devin’s enterprise usage has grown more than tenfold since the start of 2025, as cloud agents have entered the mainstream, with an annualized run rate revenue of $492 million.
Meanwhile, Cognition has put together a portfolio of top-tier clients, including high-profile names such as Citi, Mercedes-Benz, Goldman Sachs, Dell, Santander, the U.S. Navy, and the U.S. Army.
The company also highlighted specifically how Devin is assisting customers, claiming that it had helped automaker Mercedes cut an eight-month legacy project to eight days; had been embedded in systems at Infosys and Cognizant to deliver projects at unprecedented speed; and was now automatically fixing 70% of security vulnerabilities at Latin American bank, Itau.
This is all backed up by extensive internal use, with 89% of Cognition’s own codebase written by Devin.
Cognition’s position has been further bolstered following its acquisition of Windsurf, the AI code editing vendor, last year, which increased its appeal to enterprise developers. Now, Windsurf’s proprietary SWE-1.6 model is one of the most widely used across Cognition’s entire product suite.
The latest investment will enable the vendor to add to its team of software engineers. “Our goal is to build a future where software engineers operate more like architects, creatively structuring problems for armies of Devins to reliably execute on,” CEO and co-founder Scott Wu said in a statement on LinkedIn.
The round was led by Lux Capital, General Catalyst and 8VC, with existing investors such as Peter Thiel’s Founders Fund, Alpha Wave, Elad Gil and Soma Capital joined by new participants including Ribbit Capital, Atreides and Layer Global.
