AI coding startup Cognition raises $1B at $25B pre-money valuation
AI software startup Cognition secured $1 billion in funding at a $25 billion valuation, driven by rapid enterprise growth for its Devin tool.Summary
Cognition, the developer of the autonomous AI software engineer Devin, has raised $1 billion in a new funding round, achieving a $25 billion pre-money valuation. This marks a significant increase from its $10.2 billion valuation just eight months ago. The round was led by Lux Capital and General Catalyst, with participation from several existing and new investors.
Despite competition from major model providers like OpenAI and Anthropic, Cognition has demonstrated strong market traction. The company reports an annualized revenue run-rate of $492 million, with monthly enterprise usage of Devin growing by 50% over the last six months. Key clients now include major organizations such as NASA, Mercedes-Benz, Goldman Sachs, and Santander.
(Source：TechCrunch)