TechCrunch
Cognition, creator of the autonomous AI software engineer known as Devin, has successfully secured over $1 billion at a pre-money valuation of $25 billion, as announced by the company on Wednesday.
This marked a significant increase from its previous post-money valuation of $10.2 billion, which was established following a $400 million funding round just eight months prior in September.
The funding round was spearheaded by leading venture capital firms Lux Capital and General Catalyst, with contributions from existing investors such as Founders Fund, 8VC, and others. Noteworthy new participants in this round included Ribbit Capital, Atreides, and Layer Global.
This substantial investment reflects a resounding vote of confidence from prestigious venture capitalists concerning the viability of independent AI software coding startups. Last year, it appeared as though major model developers would dominate this burgeoning market. Notable competitors like Anthropic's Claude Code, OpenAI's Codex, and potentially Google's coding agent Jules, especially after their acqui-hire of Windsurf last year, seemed primed to capture significant share.
However, Cognition, which completed the acquisition of the remaining assets of Windsurf last year, boasts an impressive customer roster that includes major enterprises such as Mercedes-Benz, NASA, Goldman Sachs, and Santander. The company also reported reaching an annualized revenue run-rate of $492 million, driven by a remarkable 50% month-over-month increase in enterprise usage of Devin over the past six months.
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