Cognition announced that it has raised more than $1 billion at a $26 billion valuation in a funding round led by Lux Capital, General Catalyst, and 8VC. Existing investors participating in the round include Founders Fund, Elad Gil, Alpha Wave, Definition Capital, Positive Sum, Avenir, Vitruvian, Bain Capital Ventures, Conversion Capital, 137 Ventures, Soma Capital, and Omri Casspi. New investors include Ribbit Capital, Atreides, and Layer Global.
The company, which launched Devin as the first AI software engineer two years ago, said cloud-based AI agents have rapidly moved from a niche technology to a mainstream approach for software development. Cognition reported that enterprise usage of Devin has increased more than 10 times since the beginning of the year, while its annualized revenue run rate has grown to $492 million.
As adoption has expanded, Cognition said it has become a technology partner to major organizations including Citi, Mercedes-Benz, Goldman Sachs, Dell Technologies, and Santander, as well as the United States Army and the United States Navy. The company also highlighted adoption among fast-growing startups including Exa, Modal, Eight Sleep, and OpenRouter.
According to Cognition, customers are seeing measurable results from AI-driven software development. Mercedes-Benz reduced an eight-month legacy modernization project to eight days, while systems integrators such as Infosys and Cognizant have integrated Devin into project delivery workflows to accelerate software development. The company also noted that Itaú Unibanco automatically fixes 70% of security vulnerabilities with Devin.
Cognition described itself as an independent agent lab that works closely with foundation model developers to ensure customers can access the best-performing models for different tasks. The company said organizations increasingly prioritize price-to-performance efficiency as AI usage expands, leading Cognition to evaluate model performance across more than 100 categories of software engineering tasks and optimize model selection accordingly.
The company also expanded its model training efforts earlier this year and recently launched SWE-1.6, which it said has become the most-used model within Windsurf. Cognition noted that customers value the model for its combination of speed and cost efficiency, with throughput reaching up to 950 tokens per second.
Looking ahead, Cognition said software development is moving toward a self-driving model in which engineers focus more on defining and structuring problems while autonomous AI agents execute the work. The company cited its own internal operations as evidence of this shift, stating that 89% of code committed by Cognition engineers is now committed by Devin, with the remainder generated by local agents running in Windsurf.
KEY QUOTES:
“We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest-growing way to create software. Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 million.
As we’ve scaled, Cognition has become a trusted partner for the world’s largest and most impactful organizations like Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, the U.S. Army, and the U.S. Navy. Fast-growing startups like Exa, Modal, Eight Sleep, and OpenRouter have also made their software development lifecycle more autonomous with Devin.
Customers are delivering real outcomes with this leverage. Mercedes-Benz cut an eight-month legacy modernization project down to eight days. Systems integrators like Infosys and Cognizant have embedded Devin into how they deliver work to ship projects faster than ever before. Itaú, Latin America’s largest bank, fixes 70% of security vulnerabilities automatically with Devin.
We’re now shifting to a world of self-driving software development. Individual engineers are able to spend more of their time on the creative structuring of problems and tasks, and their army of Devins reliably executes. Our own engineering team provides some of the clearest evidence of this shift: at Cognition, 89% of code committed by our engineers is committed by Devin (and the rest by local agents in Windsurf).”
The Cognition Team
