Cognition, the company behind autonomous AI software engineer Devin, has raised over $1 billion at a $25 billion pre-money valuation — more than doubling its $10.2 billion valuation from just eight months ago. The round was led by Lux Capital and General Catalyst, with participation from Founders Fund, 8VC, Ribbit Capital, and others. Cognition reports $492 million in annualized revenue run-rate, with enterprise usage of Devin growing 50% month-over-month for six consecutive months. Customers include Mercedes-Benz, NASA, Goldman Sachs, and Santander. The raise signals strong VC confidence in independent AI coding startups despite competition from model makers like Anthropic, OpenAI, and Google.
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