Cognition, the maker of an autonomous AI software engineer named Devin, has raised more than $1 billion at a pre-money valuation of $25 billion, the company announced Wednesday.
That’s a huge jump from its post-money valuation of $10.2 billion when it closed $400 million funding round Just eight months ago in September.
The round was led by Lux Capital and General Catalyst, with participation from existing investors including Founders Fund, 8VC and others. New investors Ribbit Capital, Atrides and Layer Global also participated in this round.
This is a huge vote of confidence from top tier VCs that there will be room for independent AI software coding startups. Last year, all signs pointed to model makers themselves gobbling up this hot market. Certainly Anthropic’s Cloud Code, OpenAI’s Codex, and maybe even Google’s coding agent Jules, (later). Google’s Windsurfing acquisition-rent deal Last year), much of it has been captured.
But the feeling, which acquired the remaining shares of Windsurf last yearsays it counts large enterprises such as Mercedes-Benz, NASA, Goldman Sachs and Santander as customers. It also said that the annual revenue run-rate has reached $492 million as enterprise usage of Devin has grown 50% month on month over the past six months.
