Cognition Raises $1B at $25B Valuation as AI Coding Startup Devin Gains Enterprise Traction
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Cognition, the startup behind autonomous AI software engineer Devin, has raised over $1 billion at a $25 billion pre-money valuation, a dramatic jump from its $10.2 billion post-money valuation just eight months ago. The round was led by Lux Capital and General Catalyst, with participation from Founders Fund, 8VC, Ribbit Capital, Atreides, and Layer Global.
The raise signals continued investor confidence in independent AI coding startups, even as major model makers including Anthropic, OpenAI, and Google have moved aggressively into the space. Cognition reports $492 million in annualized revenue run-rate, with enterprise usage of Devin growing 50% month-over-month for the past six months. Customers include Mercedes-Benz, NASA, Goldman Sachs, and Santander. For legal professionals tracking AI's expanding role in enterprise software development, the scale and speed of this growth are worth watching.