Devin is an autonomous AI software engineer built by Cognition. The company counts enterprises like Mercedes-Benz, NASA, Goldman Sachs, and Santander among its Devin customers.

What was Cognition's previous valuation before this round?

Cognition's post-money valuation was $10.2 billion after closing a $400 million round in September, eight months before this announcement.

How fast is Cognition's enterprise business growing?

Enterprise usage of Devin has grown 50% month-over-month for the past six months, with the company reaching $492 million in annualized revenue run rate.

Cognition Raises $1B at $25B Valuation

Cognition closed a $1B+ round at a $25B pre-money valuation, more than doubling its $10.2B post-money valuation from eight months ago, as Devin hits $492M ARR.

What happened?

Cognition, the maker of autonomous AI software engineer Devin, announced it has raised more than $1 billion at a $25 billion pre-money valuation, or $26 billion post-money. According to TechCrunch's reporting on the round, the company made the announcement on Wednesday.

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How does this compare to Cognition's previous valuation?

Eight months ago, in September, Cognition closed a $400 million funding round at a $10.2 billion post-money valuation. The new raise more than doubles that figure in under a year.

Who led the round?

The round was led by Lux Capital, General Catalyst, and 8VC. Existing investors including Elad Gil, Soma Capital, Omri Casspi, and Founders Fund also participated. New investors in this round include Ribbit Capital, Atreides, and Layer Global.

What does Cognition's revenue look like?

Cognition reports $492 million in annualized revenue run rate. Enterprise usage of Devin has grown 50% month-over-month for the past six months. Customers include Mercedes-Benz, NASA, Goldman Sachs, and Santander.

What else has Cognition been up to?

Cognition acquired the remaining assets of Windsurf last year — separate from Google's acqui-hire deal of Windsurf. The company now competes in a market where model makers including Anthropic (Claude Code), OpenAI (Codex), and Google (Jules) have also built coding agents.

Frequently asked questions

What is Devin?: Devin is an autonomous AI software engineer built by Cognition. The company counts enterprises like Mercedes-Benz, NASA, Goldman Sachs, and Santander among its Devin customers.
What was Cognition's previous valuation before this round?: Cognition's post-money valuation was $10.2 billion after closing a $400 million round in September, eight months before this announcement.
How fast is Cognition's enterprise business growing?: Enterprise usage of Devin has grown 50% month-over-month for the past six months, with the company reaching $492 million in annualized revenue run rate.

Sources

TechCrunch's reporting on the round techcrunch.com

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