AI coding startup Cognition raises $1B at $25B pre-money valuation
On Wednesday, Cognition, the developer of the autonomous AI software engineer Devin, revealed it has secured over $1 billion, achieving a pre-money valuation of $25 billion. This marks a substantial rise from its $10.2 billion post-money valuation recorded eight months prior, following a $400 million funding round in September. The latest investment round was spearheaded by Lux Capital and General Catalyst, with participation from existing backers Founders Fund and 8VC, alongside new investors Ribbit Capital, Atreides, and Layer Global. This funding reflects venture capitalists' faith in independent AI coding firms, even amidst competition from Anthropic's Claude Code, OpenAI's Codex, and Google's coding agent Jules. Cognition, which acquired portions of Windsurf last year, serves clients like Mercedes-Benz, NASA, Goldman Sachs, and Santander, boasting a $492 million annualized revenue run-rate, with Devin's enterprise usage increasing by 50% month-over-month for six consecutive months.
Key facts
- Cognition raised over $1 billion at $25 billion pre-money valuation.
- Previous round: $400 million at $10.2 billion post-money valuation in September.
- Round led by Lux Capital and General Catalyst.
- Existing investors: Founders Fund, 8VC.
- New investors: Ribbit Capital, Atreides, Layer Global.
- Customers include Mercedes-Benz, NASA, Goldman Sachs, Santander.
- Annualized revenue run-rate: $492 million.
- Enterprise usage of Devin grew 50% month-over-month for six months.
Entities
Institutions
- Cognition
- Lux Capital
- General Catalyst
- Founders Fund
- 8VC
- Ribbit Capital
- Atreides
- Layer Global
- Anthropic
- OpenAI
- Mercedes-Benz
- NASA
- Goldman Sachs
- Santander
- Windsurf