Cognition, the brainy startup behind Devin – an autonomous AI software engineer – has just raised $1 billion at a whopping pre-money valuation of $25 billion. This is a significant jump from its previous post-money valuation of $10.2 billion in September last year after raising another $400 million.
The round was spearheaded by Lux Capital and General Catalyst, with existing investors Founders Fund and 8VC chipping in along with new entries Ribbit Capital, Atreides and Layer Global. This influx of capital suggests that the market for independent AI coding startups is still very much up for grabs.
Despite the likes of Anthropic’s Claude Code, OpenAI’s Codex, and Google’s Jules capturing a significant portion of this market, Cognition has managed to secure big names like Mercedes-Benz, NASA, Goldman Sachs and Santander as its customers. Devin's revenue run-rate is now at $492 million annually with enterprise usage growing by 50% month-over-month over the past six months.
Is this a sign that the AI revolution will include more than just model makers? Or are we just coding for our future overlords?
