Cognition, the AI startup behind the autonomous coding agent Devin, has announced a significant funding milestone: over $400 million raised at a post-money valuation of $10.2 billion. The round was led by Founders Fund, with continued support from existing investors including Lux Capital, 8VC, Neo, Elad Gil, Definition Capital, and Swish VC. New investors Bain Capital Ventures, Hanabi Capital, and D1 Capital also joined.
Founded just last year, Cognition set out to reimagine how software is built. The company’s mission is rooted in the idea of software abundance—where engineers shift from manual coding to high-level architecture and creative problem-solving, supported by intelligent agents that handle the rest. That vision began to take shape with the launch of Devin, Cognition’s AI software engineer, which initially showed promise but was still limited in capability.
Fast forward to today, and the landscape has shifted dramatically. AI coding agents are no longer experimental novelties—they’re becoming integral to workflows across individual developers and enterprise teams. Devin’s growth reflects this transformation, with annual recurring revenue jumping from $1 million in September 2024 to $73 million by June 2025. Despite this rapid expansion, Cognition has maintained financial discipline, keeping its total net burn under $20 million since inception.
The company’s acquisition of Windsurf in July 2025 marked a turning point. Windsurf brought a complementary IDE product and a seasoned engineering team, doubling Cognition’s ARR and giving it a full-stack solution for AI coding. Developers now have access to both synchronous IDE tools and asynchronous agents, allowing them to choose between hands-on control and full task delegation. The combination has proven powerful, unlocking new efficiencies and capabilities for customers.
Since the acquisition, Cognition’s enterprise ARR has grown more than 30%, driven by cross-selling between previously distinct customer bases. Devin and Windsurf now serve some of the most influential companies in finance and technology, including Goldman Sachs, Citi, Dell, Cisco, Ramp, Palantir, Nubank, and Mercado Libre. The integration of these tools is helping teams move faster, reduce overhead, and focus on strategic initiatives.
Cognition’s success is also a testament to its people. The company welcomed Windsurf’s team into the fold and saw two early investors—Christian Lawless of Conversion Capital and Emily Cohen of Neo—join full-time. The addition of swyx, known for his work in AI and developer tooling, further strengthens Cognition’s leadership bench.
What began as a small group of engineers coding together in a New York apartment has grown into one of the most valuable AI startups in the world. While the scale and scope have changed, the mission remains the same: to build the future of software engineering. With fresh capital, a unified product suite, and a growing team of passionate builders, Cognition is poised to lead the next chapter in AI-driven development.
