Cognition announced the funding round on Wednesday, led by Lux Capital and General Catalyst, with participation from existing investors Founders Fund and 8VC, plus new investors Ribbit Capital, Atreides, and Layer Global. This values the company at $25 billion pre-money, up from a $10.2 billion post-money valuation when it closed a $400 million funding round in September.
Devin is an autonomous AI software engineer—an agent (AI that independently executes tasks) that Cognition has positioned against competing coding tools from Anthropic, OpenAI, and Google. Cognition counts Mercedes-Benz, NASA, Goldman Sachs, and Santander as customers.
The company reports $492 million in annualized revenue run-rate, with enterprise usage of Devin growing 50% month-over-month for the past six months.
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